By Carter B. Horsley
This very handsome early 20th
at 37 Wall Street scored a major coup when Tiffany & Co.,
signed a lease to open a 7,000-square-foot store on its ground
floor and mezzanine in 2007.
The 25-story office building
was being converted
into 373 rental apartments by Skyline Developers LLC.
Orin Wilf, chairman of
J. Kowalski, chairman and CEO of Tiffany * Co., jointly announced
the lease and the store which will be the building's exclusive
The building was erected in
1907 as the headquarters
of the Trust Company of America and was designed by Francis Hatch
Costas Kondylis is the
architect for the building's
restoration and conversion.
Skyline Developers, LLC, is the
affiliate of privately-held Garden Homes Development, one of the
largest homebuilders in the nation. Garden Commercial Properties,
also an affiliate, owns and manages over 20 million square feet
of commercial properties in 37 states across the country. At the
time of its acquisition of this property, Skyline was building
a new residential condominium building designed by Peter Marino
at 170 East End Avenue.
"With this historically
accurate and detailed
restoration, the timeless elegance of 37 Wall Street returns as
the ideal setting for a Tiffany & Co. store and the renowned
collections that reflect the growing spirit and vibrancy of a
renewed downtown community," said Mr. Kowalski.
"Tiffany's first store opened
Broadway in 1837 and was followed by ever grander emporiums farther
uptown," said Beth O. Canavan, executive vice president of
Tiffany & Co. "Opening a store near our original location
takes us back to our roots in New York. We've found the perfect
site in a historic building whose style and grace is being restored
as part of Lower Manhattan's dynamic redevelopment and which Tiffany
& Co. is very pleased to support with a major presence in
The transaction was negotiated
by Jeff Roseman
and Gregg Gropper of Newmark Knight Frank on behalf of Skyline
Developers, LLC and Raymond Carew from Madison HGCD on behalf
of Tiffany & Co.
Tiffany's flagship store is
located on the
southeast corner of Fifth Avenue and 57th Street.
Earlier this year, Hermes, the
accessories retailer, announced it would open a major store at
15 Broad Street at Wall Street.
Both transactions significantly
retail ambience of the Financial District. The Tiffany's store
is highly visible through large store windows on Wall Street.