NEW YORK (June 13, 2016) – Reed Smith LLP represented United Overseas Bank Limited, New York Agency as the lender in a $220 million deal that will finance the conversion of the upper floors of the landmark Woolworth Building into The Woolworth Tower Residences, a collection of 33 condominium residences.
The borrower for the transaction is Alchemy Properties, Inc., developer of The Woolworth Tower Residences. The luxury condominium conversion was designed by Thierry Despont, the celebrated architect whose projects have included the centennial restoration of the Statue of Liberty and the renovation of the Ritz Paris.
The neo-gothic Woolworth Building was commissioned by Frank W. Woolworth in 1910 as his eponymous company’s new headquarters and designed by renowned architect Cass Gilbert. The building was completed in 1913 and was for 17 years the tallest building in the world.
The Reed Smith team was led by New York partner Joseph A. Sarcinella and included New York counsel Gerard A. Hefner and New York associates Crystal Persaud, Konstantinos P. Melitsanopoulos and Rose C. Plager-Unger.
Alchemy Properties, Inc. was represented by Jeffrey Schwartz, Kelly Kulak and Jessica Furgiuele of Schwartz Sladkus Reich Greenberg Atlas LLP and Shannon Sweeney of Goodwin Procter LLP.
About Reed Smith
Reed Smith is a global relationship law firm with more than 1,800 lawyers in 26 offices throughout the United States, Europe, Asia and the Middle East. Founded in 1877, the firm represents leading international businesses, from Fortune 100 corporations to mid-market and emerging enterprises. Its lawyers provide litigation and other dispute-resolution services in multi-jurisdictional and other high-stakes matters; deliver regulatory counsel; and execute the full range of strategic domestic and cross-border transactions. Reed Smith LLP is a preeminent advisor to industries including financial services, life sciences, health care, advertising, entertainment and media, shipping and transport, energy and natural resources, real estate, manufacturing, technology, and education. For more information, visit reedsmith.com.
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