5 Beekman Street in New York going through a change

For many years, 5 Beekman Street has served as an office building in lower Manhattan. While development plans have been in the works many times, things always remained the same for the most part.

The building, located on Nassau Street and built in the late 1800s, was one of the first skyscrapers in the Big Apple.

Rather than leaving this as one of many office buildings in the area, a developer is looking to make a big change in the near future. If GFI Capital Resources Group has its way, the building will be converted into a 287-room hotel, complete with bars and restaurants, sooner rather than later. On top of this, the company hopes to build a condo tower as well.

After many years of plans that have come and gone, GFI Capital Resources Group is taking on this $350 million project. The company's president said, "Not only is there a market down here for this, there's not a person who hasn't walked into this building without their tongues hanging out."

When everything is said and done, the new building will be known as the Beekman Hotel. Since most of the original details, such as cage-style elevators were previously removed, GFI will bring modern facsimiles to the building. The finishes may not be original, but the building is sure to look original.

This type of real estate development is common in New York City. When everything is said and done, some may miss what 5 Beekman Street used to offer but most will realize that its new life as a hotel brings advantages.

Source: The New York Times, "An Early Skyscraper Becomes a Hotel With a View" C. J. Hughes, Apr. 29, 2014