Alchemy Properties, the real estate firm set to convert the top 30 floors of the Woolworth Building into luxury condos, announced that two private investors were also involved in the deal.
Koor Industries Ltd. director Marc Schimmel and WeWork chief executive officer Adam Neumann assumed minority interests in the ownership structure of the trade, Real Estate Weekly reported. Schimmel has an investment stake, whereas Neumann will also be a branding and marketing consultant for the iconic building’s conversion.
Alchemy spent $68 million to purchase the condo interest from The Witkoff Group and Cammeby’s International, which will continue to own the lower 28 floors used for office space.
Schimmel and Neumann acquired the rights to purchase the top part of the 1913 neo-Gothic building, then transferred a majority of their position to Alchemy and its institutional partner, Real Estate Weekly reported.
Schimmel is involved in the Schimmel family’s real estate businesses, one of the largest private real estate groups in the United Kingdom. Neumann co-founded collaborative workspace juggernaut WeWork, and he has led the company’s acquisition of about 500,000 square feet in New York, San Francisco and Los Angeles.
Apartments at the Woolworth Building will begin at 350 feet above ground level, with panoramic views and 11- to 14-foot ceilings. A five-level penthouse of about 8,000 square feet will be constructed in the copper cupola, which tops out at 792 feet.
Full disclosure: BuzzBuzzHome has an office at WeWork SoHo West, although we wouldn’t mind an upgrade to the future penthouse at the Woolworth.