70 Pine Celebrates the Lighting of its Iconic Tower
Posted On July 28, 2016
Adam R. Rose, co-president of Rose Associates and the developer of 70 Pine, welcomed New York City Landmarks Preservation Commission Chairwoman Meenakshi Srinivasan and other dignitaries to the new rental property yesterday to join a ceremony to commemorate the lighting of the landmarked tower’s upper floors and spire.
At 8:45 p.m., Srinivasan flipped a switch to activate the new lighting, a system of 56 warm, white LED lights that shoot up along the vertical elements of 70 Pine’s tower beginning on the 55th floor, and reaching up to the 66th floor and the spire above.
“It was a joy to participate in 70 Pine’s lighting ceremony and to see the results of the three-year renovation that has taken place at this cherished New York landmark,” said Srinivasan. “We appreciate that the owners respect and embrace the property’s landmark status, which provides unparalleled benefits to the users of the building. It’s great that both light and life have returned to the skyscraper.”
Along with development partner DTH Capital, Rose has recently overseen an extensive renovation of the 66-story 70 Pine (www.70pine.com). The former office property is now comprised of more than 600 rental apartments in studio, one-, two- and three-bedroom configurations. 70 Pine tapers as it rises, which was a design requirement when the skyscraper was constructed. This results in numerous apartments having terraces, and it lends a dramatic architectural element that is especially notable at the top of 70 Pine.
“70 Pine’s exterior lighting is literally a crowning achievement, and I am pleased that Chairwoman Srinivasan was able to participate in the lighting ceremony,” said Adam R. Rose. “Redeveloping a landmark, especially one of this magnitude, is a painstaking process. Fortunately for us, the Landmarks Preservation Commission has been a fantastic partner throughout. 70 Pine has been reimagined and also preserved, and I credit the working relationship we’ve enjoyed with the commission for the project’s success.”
The relighting effort at 70 Pine was designed to reveal the unique architectural relief elements of the building through subtle, integrated lighting. The process included refurbishing and restoring decorative lighting at street level along with the installation of a completely new system to illuminate the top of the tower. Energy savings is realized through the use of new LED, light-emitting diode, fixtures that require 96 percent less electricity than the building’s original fixtures. All of 70 Pine’s lights are a soft white with a portion of the spire glowing red due to Federal Aviation Administration requirements.
70 Pine has long been one of the city’s most celebrated skyscrapers. It originally acted as the headquarters of Cities Services, which sold the building to American International Group in 1976. After AIG vacated the property, a new vision for the building began to take shape. Rose Associates joined forces with DTH Capital to lead a team of architects, designers and landmark specialists. The extensive and thoughtful renovation has transformed 70 Pine into a residential and retail standout. Upon completion, the building’s Art Deco lobby, a New York landmark, will be opened to the public for the first time in decades.
Along with 612 private rental residences, 70 Pine includes a 132-key residential hotel called Q&A. Operated by Furnished Quarters, the hotel offers fully furnished and service apartments available for bookings of 30 or fewer days. La Palestra, an operator of upscale fitness and wellness centers, is creating its latest facility in 23,000 square feet of space, which will offer state-of-the-art aerobic and strength training equipment with additional amenities including dedicated Pilates and Yoga studio, private massage and treatment rooms, game and screening rooms, bowling alley and golf simulators.
Among the most highly anticipated amenities at 70 Pine is the restaurant and lounge that is planned for the building’s top floors. This feature will give residents and guests the ability to drink and dine while enjoying a 360-degree view that includes New York Harbor, Manhattan, Brooklyn, Westchester County and New Jersey.
Rose Associates is the exclusive leasing and managing agent for 70 Pine. The building is now leasing its City and Tower Collections. Rents range from the $3,000’s for a studio in the City Collection to more than $10,000 for a three-bedroom in the Tower Collection. The leasing office is open from 10 a.m. to 6 p.m. Monday – Friday, and 11 a.m. – 5 p.m. Saturday and Sunday. Leasing agents can be reached at 212-785-7070 and information can be found at www.70Pine.com.
DTH Capital, Inc. (“DTH”) is a leading real estate development and investment management firm with a successful track record repositioning landmark office buildings into luxury multi-family properties. DTH currently manages a $1.5 billion portfolio of apartment properties concentrated in New York City. The firm’s growth strategy is focused on applying its valuable experience, gained from completing complicated change of use conversions, to other asset classes and expanding its geographic market area. DTH is owned by Ageas Insurance, a publically traded, Belgium based insurance company and the Eastbridge Group, a European private investment company.
About Rose Associates, Inc.
Based in New York, Rose Associates is a developer, owner and operator of premium residential properties. From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate. The firm oversees more than 26,000 units across New York, with approximately $2 billion in projects under development. Rose recently opened the historic skyscraper 70 Pine Street, which the firm is transforming into a luxury rental property with 644 residential units, 132 extend-stay apartments and a destination restaurant/lounge occupying the top four floors.