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HDC Press Releases
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The City's Housing Development Corporation
Finances Restoration of the
"Miracle Building" 90 West Street
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Landmark building refurbished and revitalized from fires that nearly destroyed it on 9/11 |
New York, NY, October 25, 2005
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October 25, 2005 -- A sign of renewed life in New York’s Lower Manhattan, particularly in the immediate area around the World Trade Center site, is demonstrated with the opening of 90 West Street. Originally constructed in 1907, it was coined the “Miracle Building” following September 11th for withstanding the fires that burned inside for days after the attacks. Seven other buildings nearby were destroyed; however, the sound architecture of the renowned Cass Gilbert helped its survival. Today, Deputy Mayor for Economic Development and Rebuilding Daniel Doctoroff, New York City Housing Development Corporation (HDC) President Emily Youssouf, Landmarks Preservation Commission Chairman Robert Tierney, and Lower Manhattan Development Corporation President (LMDC) Stefan Pryor joined the developers of 90 West Street to celebrate the grand opening of this newly renovated and converted 23-story commercial building into a 410-unit residential high-rise.
With 90 West Street, Cass Gilbert set out specifically to design the safest modern building. The architecture lived up to the expectation that the materials used to construct the building would ensure its continued existence. In 2001 when the South Tower fell, debris hit the northern facade igniting fires and ripping apart large sections. Although the façade, roof, and interiors were severely damaged, the steel structure and beams were intact and the building was deemed structurally sound. However, the cost to repair the damage was exorbitant and the building’s productive use was questionable during a time of great financial uncertainty in Lower Manhattan.
The City, through HDC, stepped in to provide the financing necessary to initiate the rehabilitation of this development by issuing tax-exempt bonds through the federally legislated Liberty Bond Program. This program was created as a means to encourage the immediate rebuilding of Lower Manhattan and assist the area in continuing its widespread growth experienced pre-9/11.
“The renaissance of 90 West Street is yet another sign of Lower Manhattan’s continued recovery and renewal,” said Deputy Mayor for Economic Development and Rebuilding Daniel Doctoroff. “The remarkable restoration of this historic building was made possible by the painstaking efforts of many private and public partners and by the financing made available by the New York Liberty Bond Program.
We are now seeing the fruits of this City-State initiative to jointly rebuild and enrich Lower Manhattan with
new investments. These are the types of investments that will help to create the kind of Lower Manhattan we want - a vibrant and diverse 24/7 community for people to live, work and play in.”
Through the program, HDC and the State split an equal share of the $1.6 billion reserved for residential rental development. HDC issued $100 million of Liberty Bonds as well as $8 million of taxable bonds for 90 West Street, to convert this office building into a residential development.
"The Liberty Bond program offers incentives for developers to take a chance on Lower Manhattan and rebuild during a time when the risk factors were very high. As the City’s allocating agency for these bonds, HDC was able to provide essential financing to continue the pre-9/11 transformation of Lower Manhattan into a vivacious and diverse residential community." said HDC President and long-time Lower Manhattan resident Emily Youssouf. "HDC played a key role in this unique collaboration which helped to restore and convert a building significant to New York’s past by carving a place for it in the City’s future."
The reconstruction of the building’s landmarked exterior encompassed the recreation of 7,000 individual terra-cotta tiles, a new copper roof, hand sculptured gargoyles and other figures donning the façade. The developers responsible for the restoration and conversion of 90 West include principals from Brack Capital Real Estate, USA, the Kibel Companies and BD Hotels. The building is almost entirely leased up and more than 300 tenants have moved in.
“Cass Gilbert ushered in the age of the New York skyscraper,” said Peter Levenson, a principal of the Kibel Companies, “our restoration goal for 90 West Street was to be 1907 on the outside and 2005 on the inside. We are thankful to the City for offering a viable way to bring this landmark building back to its original splendor.”
“The preservation and restoration of this great New York City landmark are cause for celebration,” said Landmarks Preservation Commission Chairman Robert Tierney. “It will remain a beacon marking the rebirth of downtown, and marks our determination to protect the architectural icons that give this part of New York its distinctive character.”
“Partnership between public agencies and private resources are yielding great results in the redevelopment of Lower Manhattan. Together we are creating a place where people will want to live, work and shop,” said Stefan Pryor, President of the LMDC. “The debut of 90 West furthers downtown's residential renaissance, and I congratulate everyone involved in bringing this gorgeous historic building back to life.”
Of the $800 million Liberty Bonds available to the City, HDC has exhausted its allocation, including 90 West Street over 1,900 apartments have been created and tenants have moved in. The other developments that have finished construction are 2 Gold Street, 90 Washington Street, and 63 Wall Street. HDC required developers using the Liberty Bond financing to pay a 3% origination fee, which is applied as a 1% second mortgage from HDC’s corporate reserves, to the development of affordable housing elsewhere in the City. The fee collected from these transactions generated approximately $15 million, which has been reallocated to finance the construction of 394 apartments for low and moderate income working New Yorkers.
Today’s event took place in the lobby of 90 West Street which went through a significant rehabilitation to restore it to its original architecture that was discovered under the damaged dropped ceiling that covered the ornamental arches and pillars. The building at 90 West Street between Albany and Cedar Streets was designed by Cass Gilbert before he designed the Woolworth Building on Broadway.
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