NYC Office High-Rise Finds New Life as Apartments
The historic tower once served as the headquarters of Marvel Comics.
Resolution Real Estate is planning to partially convert the historic 650,000-square-foot McGraw-Hill building in Manhattan from office to residential space, on behalf of the property’s owner, Deco Tower Associates. MdeAs Architects will handle the conversion, while SLCE Architects is designing unit interiors. Completion is scheduled for the second quarter of 2024.
Plans for the 35-story tower involve the development of 224 studio, one- and two-bedroom luxury apartments on floors 12 through 32. Floors 33 and 34 will be used for resident amenities, while floors 2 through 11 are slated to serve as modernized office space, with floor plates ranging from 20,000 to more than 30,000 square feet. In 2021, Resolution Real Estate completed a $120 million renovation project which involved restoring the facade, as well as fully replacing the HVAC system.
A historic Manhattan building
Built in 1931, the building was designated as a National Historic Landmark in 1989. It was designed in a mixture of Art Deco and International styles by architect Raymond Hood. Located at 330 W. 42nd St., it is in the heart of Manhattan and within walking distance of the Empire State Building. It takes its name from the McGraw-Hill publishing company, the original owner that used the tower from its completion until 1971. It also served as headquarters for Group Health Insurance and Marvel Comics. Its immediate vicinity provides access to numerous cultural and retail options as well as to a multitude of subway lines.
Resolution Real Estate Managing Partner Gerard Nocera emphasized in prepared remarks how the asset is perfectly suited for conversion, citing both the advantageous location, as well as the open plans and access to natural light. The building also provides access to 360-degree views of Manhattan and its landmarks.