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Posted by Heidi Schwartz
According to a new report, historic New York City landmarks are being revived through significant new investment and changes in use. The report, which looks at nine noteworthy properties, illustrates how preservation and economic development can be powerful partners.
Even though the 421-g real estate tax exemption expired in 2006, property conversions in NYC have continued at a brisk pace—particularly in historic buildings, which help stoke a competitive office market by absorbing obsolete space. These buildings are being converted into new multi-purpose spaces fitting for a modern city.
Ever since the tragic destruction of Penn Station 52 years go, new Yorkers have been learning the value of protecting our great architectural heritage. These conversions not only do that—they amount to a significant investment in our future.
“Preservation and economic development do not have to be at odds,” said Jessica Lappin, president of the Alliance for Downtown New York, “Imaginative conversion allows for the old to stand side by side with the new and become every bit as relevant to the economic life of the city. Nowhere is this encouraging trend more evident than in Lower Manhattan.”
The buildings include:
- Temple Court Building, 5 Beekman Street
- Corbin Building, 13 John Street
- Pier A, 22 Battery Place
- Battery Maritime Building, 10 South Street
- Woolworth Building, 233 Broadway
- 195 Broadway (formerly the AT&T Building)
- Cunard Building, 25 Broadway
- 1 Wall Street (formerly the Irving Trust Company Building)
- The City Services Building, 70 Pine Street
Click here to download the report.