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Woolworth Building Residence Hits Market Amid Rising Adaptive-Reuse Trend
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Woolworth Building Residence Hits Market
The former private office of retail magnate Frank W. Woolworth in the Woolworth Building’s 40th-floor suite—Residence 40—has been listed for $18.5 million. The 6,000-square-foot, four-bedroom unit spans 15-foot ceilings and offers views from 516 feet above City Hall Park. Designed by architect Cass Gilbert, the Gothic-style skyscraper was completed in 1913 and was the world’s tallest building at 792 feet.
Adaptive-Reuse Trend in Historic Skyscrapers
The Woolworth listing follows a broader surge in converting landmark structures into luxury housing. RentCafe reports that nearly 25,000 apartments were created from repurposed buildings in 2024, a 50 percent rise from the prior year. The American Institute of Architects (AIA) notes that roughly half of America’s 125 million buildings are over 50 years old, highlighting a vast pool for redevelopment. AIA research also finds that reusing existing structures can avoid 50 to 75 percent of the carbon emissions associated with new construction. Recent projects include the Flatiron Building conversion and the planned Ritz-Carlton Residences in Brooklyn’s 1909 Hotel Bossert.
Key Players Driving the Movement
- Catherine Juracich – Lead real-estate agent at The Corcoran Group, overseeing the Woolworth listing.
- Michelle Griffith – Luxury broker at Douglas Elliman, emphasizing the cultural weight of historic properties.
- Eric Robinson – Principal and co-founder of RODE Architects, active in adaptive-reuse projects such as a Boston early-1900s stable-turned-residences.
- Gordon Gill – Architect of Saudi Arabia’s Jeddah Tower, advocating for innovative city programming through existing building stock.
Official Statements & Responses
Juracich describes the residence as a “spectacular apartment” that also serves as a tangible piece of New York history. Griffith adds that discerning buyers seek “character, provenance, and a story,” valuing the craftsmanship of historic landmarks. He also notes municipal incentives—streamlined permitting and tax credits—that encourage conversions in dense urban neighborhoods.