5 Beekman Inches Closer to Revival as Trendy Hotel, Condos May 1, 2014

Hana R. Alberts | Curbed NY

It’s almost here, it’s almost here. The total renovation of 5 Beekman Street, a 19th-century office building with a rich history that was actually tall when it was built, is proceeding at a fast clip, and, thanks to the Times, new details have emerged about the hotel and condos it shall become. Known for its stunning Temple Court atrium, the abandoned building changed hands and redevelopment plans at a breakneck pace until 2012, when GFI Capital bought it for $64 million and the empty lot next door for another $22 million. GFI, which also developed the achingly trendy Ace and Nomad hotels, are psyched about plans for The Beekman Hotel, with 287 rooms clustered around the atrium, in 5 Beekman’s annex, and in the lower floors of the condo building rising next door at 115 Nassau Street. The hotel wants to be a dining and nightlife destination, too, with two restaurants, a lounge and four separate event spaces, “as well as rentable terraces on the roof.” It’s set to open in thesummer of 2015 under the auspices of Thompson Hotels. A GFI exec told the Times that the makeover would retain some of 5 Beekman’s glorious original details, such as “gold brackets shaped like dragons, metal grilles patterned with leaves, and even some walls with peeling paint, which on a recent tour created an industrial-fresco look.” Peeling walls and hundreds of dollar a night for a room? Sure, why not.
Officially called The Beekman Residences, the 68 condos atop the 75 hotel rooms at 115 Nassau (which will rise 600 feet tall and include a host of probably fancy amenities) will hit the market this summer. Preliminary details: apartments will have 16-foot ceilings and be priced in the $2,000-per-square-foot range. Oh, and constructing this whole shebang is costing a pretty $350 million.

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