The tower of the iconic Woolworth Building, one of the city's most well-known structures, is going to be transformed into luxury condominiums.
The New York Times reports that an investment group has bought the top 30 floors of the landmark building for $68 million and plans to create 40 apartments. That includes a five-floor penthouse.
A spokesman for Alchemy Properties, a developer that is part of the investment group, said the project would cost about $150 million including the purchase price. The apartments are scheduled to be completed by 2015.
The building was finished in 1913 and housed the headquarters of the Woolworth Company, which ran five-and-dime stores.
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