The Parkside, Houston and Attorney.
Veniero's, First Avenue at 11th Street.
Smith's, 44th Street and Eighth Avenue.
"This is probably the most valuable piece of land in New York City today," said August A. DiRenzo, a vice chairman of Cushman & Wakefield, the brokerage and consulting firm that is assisting Con Edison with the sale. He added that most of the major developers in the city were looking at the sites. "I can't tell you who they are, but anyone you can think of has expressed interest," he said.
An early promotional brochure for the building promised tenants an “immense Swimming Pool and Turkish Bath establishment, open day and night,” equipped with “every modern device making for comfort, safety and sanitation.” This was in addition to the Postkeller restaurant, the barber shop and the Hospital Room “for female stenographers, clerks and others, where they may receive first-aid treatment and simple remedies at the hands of a competent nurse.”
These challenges pale in comparison with the difficulties faced by Gene Kaufman, an architect who designed a 113-room hotel that is being built just a few blocks from Wall Street.
This L-shaped hotel, which will be a Wyndham, will have entrances at 51 Nassau Street — opposite the New York Federal Reserve Building — and 20 Maiden Lane. But its longest street frontage will actually be in a dark, narrow one-block alley called Liberty Place.
The hotel is being built on this odd-shaped lot because it has to encompass three low-rise buildings on the corner of Nassau Street and Maiden Lane that the developer, the McSam Hotel Group, was unable to acquire. These buildings all had commercial tenants with long leases who could not be enticed to leave, Mr. Kaufman said.
“These old buildings were in very bad condition, so we had to be careful not to create any vibrations that could damage them,” Mr. Kaufman said. But, he said, that was just the beginning of his headaches.
For one thing, the New York City subway system passes directly beneath this site, and it has ventilation shafts on all three sides of the building. This meant the developer had to dig deeper for the foundation. But as the excavation began, he discovered that the three older buildings had foundations extending into the property lines for the hotel.
“We’ve wrapped around little buildings before; we’ve built against the subway before; we’ve built on narrow sites before,” Mr. Kaufman said. But never all at once. “It was like fitting a diamond into a setting,” he said.