Silverstein plans hotel and condo tower on Church St.
Moody's headquarters at
99 Church St.
March 13, 4:29 pm
Silverstein Properties plans to build a 60-story hotel and condominium at 99 Church Street in Lower Manhattan after razing the 11-story office building that currently stands at the site.
The real estate development and investment firm says the tower's first 20 stories will house a boutique hotel, and that a luxury condominium is planned for the upper floors.
The existing Class B building at 99 Church Street serves as Moody's Corporation's headquarters, which Silverstein Properties purchased with the California State Teachers' Retirement System in November for a reported $170 million.
Demolition will not begin until Moody's moves its headquarters to the Silverstein-owned 7 World Trade Center in the fall.
According to Lisa Silverstein, vice president of Silverstein Properties, building a luxury hotel at the site makes sense because "there's zero competition."
Silverstein likewise believes that there will be demand for a new high-end condo in Lower Manhattan, since she recently looked for just such a property in the area and failed to find one.
"I realized there are just no grand Park Avenue apartments downtown, and I'd like to create that," Silverstein said. By Lauren Elkies
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