Report: Suitors May Shell Out $500M for Woolworth Building

By Industries FOXBusiness

The Woolworth building, an iconic 99-year-old New York City skyscraper, is reportedly close to being sold for about $500 million.

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According to the New York Post, owners of the one-time tallest building in New York are considering serious bids from several potential suitors, including ones from real-estate investment trusts, local buyers and foreign investors.

The 59-story building, which was built in 1913 and restored in 2002, is owned by a venture between Steve Witkoff’s Witkoff Group and Ruby Schron’s Cammeby’s International. The owners are reportedly mulling offers for just the vacant tower top as well as two bids for the whole building.

The venture paid just $137.5 million for the Woolworth Building in 1998 and had planned to turn the top into glass-enclosed condos before their plans were stalled, the Post reported.

Even today the Woolworth Building is one of the tallest buildings in New York, just trailing behind the Bloomberg Tower and MetLife Building.

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