Storm Damaged High-Rise Office May Convert to Residential

High Rise Facilities | December 13, 2012
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Rudin Management’s building at 110 Wall Street in New York City was badly damaged by Hurricane Sandy. Just four blocks from the New York Stock Exchange and the Downtown Ferry Terminal, the building is in an area that saw high flood waters. Since then, the company has canceled its office tenants’ leases.

“We didn’t want to keep our tenants in limbo, so we gave them notice we are terminating the leases,” Rudin CEO William Rudin told Crain’s New York Business. “This is the second time the building was flooded and we need to figure out a way to make this a sustainable property and that doesn’t happen overnight. It’s very complicated.”

The first time the property was flood damaged was in the 1990s. After the most recent flooding, Mr. Rudin is evaluating a number of possible new uses for the 28 story, 300,000 square foot tower including turning it into a resdiential building as several neighboring towers have done.

He told Crain’s, “It could remain as an office building, it could be mixed-use, we could have a hotel here, there are a variety of different uses and we’re not ready to say what it’s going to be.”

The building remains without power and many systems including elevators are in need of replacement.

Photo Credit: Rudin Management


Category: Intelligence, New York City

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