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WOOLWORTH INVESTORS REVEALED

LOIS WEISS

Monday, August 20, 2012 - Alchemy Properties, the New York-based real estate firm that last week announced the acquisition of a the top portion of the Woolworth Building, revealed that private investors Marc Schimmel and Adam Neumann, Chief Executive Officer of WeWork, have minority interests in the entity that owns the condominium interest. Schimmel has taken an investment stake, while Neumann will also act as a branding and marketing consultant for the planned redevelopment of the top 30 floors into 40 luxury residences. Schimmel and Neumann played central roles throughout the purchase and negotiation of the transaction. Together, they had acquired the rights to purchase the top portion of the property, and then worked with Alchemy and its institutional partner to transfer a majority of their position. Schimmel, who was once tied to Madonna, is an active member of the Schimmel family’s real estate businesses, one of the largest private real estate groups in the United Kingdom with major additional interests in Israel. Additionally, he is responsible for the family’s substantial interests in financial services, technology and communications globally. New York real estate investments include an interest in the HSBC building on Fifth Ave. Neumann is best known as CEO and Co-Founder of WeWork, a company based in Manhattan that is reinventing the workplace by creating communities of offices and shared spaces fostering sustainable collaboration. Neumann has directed the company’s acquisition of approximately 500,000 sf in New York, San Francisco and Los Angeles. WeWork is currently valued at $200 million. Constructed in 1913, the iconic 58-story Woolworth Building is one of the oldest and most recognizable buildings in the world. It was the world’s tallest skyscraper until 1930. With its ornate neo-Gothic spire rising above City Hall on lower Broadway, the Woolworth Building was designated as a National Historic Landmark in 1966. The floors being acquired all feature magnificent panoramic views of Manhattan and the surrounding region. The penthouse units will be more than 700 feet aboveground, making them some of the highest luxury residential quarters in the city.

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