By Jessica Iredale
Published Nov. 29, 2024
It’s a 31-story building in Lower Manhattan, a onetime office tower. Now, in place of the insurance underwriters and claims adjusters who once worked there, it is starting to fill up with artists, designers and boutique creative agencies.
And by night, it is the scene of splashy events that generate social media content and press coverage.
Our writer Jessica Iredale says the building is owned by developers who received a $41.3 million discretionary tax break from the city to help pay for their vision for the building — and their $150 million renovation.
The building, known as WSA, for Water Street Associates, seems to be trying a new version of strategy familiar to once industrial neighborhoods: Buy an old building, spruce it up and bring in creative professionals to make the area buzzy. Word of mouth, along with select invitations and bargain rents, have drawn the creative class to the 41-year-old tower.
The economics appear to be daunting, but WSA has attracted the people it wants. The independent fashion designers Bode, Luar and Rosie Assoulin have space in the building.
And the model Emily Ratajkowski co-hosted two parties there after the annual Met Gala, drawing guests including Kendall Jenner and the singers Lana Del Rey and Bad Bunny. When Jenner wanted to show the world that she had gone blonde, she posted photos taken there. And when GQ gave two dinners there, the guests included the Formula 1 champion Sir Lewis Hamilton, the novelist Min Jin Lee and Apple’s chief executive, Tim Cook.
Is it economically feasible to repurpose underused office buildings? Tell us what you think!