Perched high above City Hall Park in Lower Manhattan, the 40th floor of the iconic Woolworth Building represents a fascinating intersection of American retail history and modern ultra-luxury real estate. Once serving as the private executive retreat and personal sanctuary of Frank Winfield Woolworth—the visionary behind the five-and-dime empire that fundamentally transformed consumer habits across the United States—this elevated space has undergone a dramatic transformation. Today, known as Residence 40, the sprawling 6,000-square-foot property functions as a private, high-end residence and has officially returned to the market with an asking price of $18.5 million.
Handled by listing agent Catherine Juracich of The Corcoran Group, the residence offers a rare opportunity to own a piece of architectural heritage infused with contemporary residential amenities. The offering highlights not only the enduring appeal of New York City’s landmarked skyscrapers but also the ongoing trend of converting early 20th-century commercial strongholds into exclusive residential enclaves.
Architectural Grandeur and Historical Significance
Commissioned by F.W. Woolworth himself and designed by renowned architect Cass Gilbert, the landmarked neo-Gothic skyscraper at 2 Park Place was completed in 1913. Upon its completion, the soaring structure claimed the title of the tallest building in the world, a distinction it held for architectural marvels that followed. Woolworth’s corporate headquarters occupied a significant portion of the tower, and the 40th floor was specifically engineered to reflect the immense wealth, power, and aesthetic ambitions of the retail tycoon.
While the corporate lineage of the Woolworth company eventually shifted—culminating in parts of the business becoming integrated into what is now Foot Locker—the Woolworth name remains indelibly linked to the New York City skyline. The building’s exterior, characterized by its striking terra-cotta facade and intricate Gothic details, continues to serve as a masterclass in early skyscraper design.
When development firm Alchemy Properties acquired the upper tiers of the building to convert them into 33 exclusive residential condominiums, they enlisted the late, celebrated architect Thierry W. Despont to oversee the interior architecture and design. Despont’s mandate was to balance the preservation of historic details with the introduction of modern luxury, creating living spaces that honor the building’s storied past while meeting the exacting standards of contemporary ultra-prime real estate buyers.
Inside Residence 40: Design, Layout, and Amenities
Spanning over 6,000 square feet, Residence 40 sits 516 feet above street level, offering sweeping, unobstructed views of Lower Manhattan, City Hall Park, and the converging waters of both the Hudson and East rivers. Uniquely positioned within the building, the apartment is the only residence to combine soaring 15-foot ceilings with the original polychromatic terra-cotta floral detailing framing the windows, seamlessly integrating the skyscraper’s historic exterior artistry into the interior living quarters.
Access to the home is provided via a private elevator bank that opens directly into an expansive 50-foot great room. Flooded with natural light from large, arched windows, this central entertaining space boasts panoramic vistas of the surrounding metropolitan landscape. Adjacent to the great room is a formal dining area capable of accommodating upwards of 20 guests, making the residence well-suited for large-scale hosting and private events.
The chef’s kitchen is outfitted with bespoke Dada cabinetry, luxurious Calacatta Caldia marble countertops and backsplash, and a suite of high-end Miele appliances. Designed with both aesthetics and functionality in mind, the kitchen offers direct views of the building’s iconic neo-Gothic exterior elements, serving as a constant reminder of the property’s architectural pedigree.
The home comprises four generously proportioned bedrooms, each featuring its own en-suite bathroom. The corner primary suite functions as a private sanctuary, featuring expansive city and river views, a dedicated sitting area, a substantial dressing room, and a spa-like primary bathroom finished in high-grade marble equipped with modern heated floors.
Evolution of the Woolworth Building Residences
The conversion of the Woolworth Building’s upper floors required delicate engineering and design coordination to introduce modern residential comforts into a historic landmark. Alchemy Properties incorporated a robust suite of amenities designed to rival newly constructed luxury towers in Manhattan.
Residents of the building have access to a private, state-of-the-art swimming pool, a fully equipped fitness studio, a climate-controlled wine cellar and tasting room, and 24-hour white-glove concierge and building staff. Additionally, homeowners can utilize the Gilbert Lounge—named in honor of the building’s original architect, Cass Gilbert—which serves as a communal space for residents and their guests.
Over the years, the building has attracted a notable roster of residents, high-profile owners, and pop culture references. The property gained widespread modern cultural recognition when a penthouse within the building famously doubled as the home of character Kendall Roy in the critically acclaimed HBO series Succession. Furthermore, prominent figures in the business and tech sectors, such as TheRealReal founder Julie Wainwright, have maintained a presence in the building, highlighting its enduring cachet among high-net-worth individuals.
Market Position and Broader Real Estate Implications
Priced at $18.5 million, Residence 40 enters a competitive sector of the Manhattan luxury housing market. While the broader New York City real estate market has experienced fluctuations driven by interest rate adjustments and economic uncertainty, properties bearing historic pedigree, architectural uniqueness, and provenance continue to attract discerning buyers.
Real estate analysts note that historic conversions in prime Lower Manhattan locations maintain strong long-term value retention. Unlike standardized glass-and-steel new developments, properties within historically landmarked towers like the Woolworth Building offer irreplaceable craftsmanship—such as hand-glazed terra-cotta and bespoke masonry—that cannot be replicated under modern construction economics.
The listing of Residence 40 underscores a broader architectural trend in global gateway cities: the adaptive reuse of commercial architectural icons into residential masterpieces. As commercial real estate dynamics shift, buildings that once defined the American corporate landscape are finding a second life as ultra-luxury homes, securing their preservation for generations to come.
As Catherine Juracich and The Corcoran Group market the property to global buyers, Residence 40 stands as both a testament to the ambitions of a Gilded Age retail pioneer and a pinnacle of modern New York City luxury living.
