Construction Update: 5 Beekman Street

5 Beekman Street5 Beekman Street's new tower on Nassau

5 Beekman Street is set for renovation and redevelopment; the historic building will soon be joined by a 47-story tower on an adjacent lot. Permits on-file indicate the project will be a mix of hotel and residential, and Curbed reports the building will have 285 rooms and 85 residences – the new skyscraper will stand 595 feet tall, translating into generous floor to ceiling heights. The tower portion will sit next to 113 Nassau Street, where work is now wrapping up.

The project is being built by GFI Development, and the architect is Gerner Kronick + Valcarcal; no renderings have been released, but the restoration of the historic base will be very beneficial to the neighborhood, regardless of whether the adjacent tower is appealing, which is more likely than not. The repair of 5 Beekman’s facade is already underway, though the most recent round of permits for the high-rise were denied or remain pending. It does appear foundation pouring is imminent, given the amount of activity on-site and the depth of excavation.

5 Beekman has been vacant for 65 years, and has a very long history; it is the earliest remaining ‘fireproof’ building in New York, and was also the third structure in the city to receive elevators. The wrought iron railings that surround the 10-story atrium offer a remarkable window into an architectural past that is seldom seen, and its conversion into a hotel will expand its due visibility, especially with Thompson as the management company.

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