Storied Structures, Modern Makeovers
December 2008
At 15 Union Square West, Brack Capital Real Estate USA brings new life to another historic New York building
Visionary developer, Brack Capital Real Estate USA (BCRE), has been responsible for transforming some of New York's most historic buildings into modern-day masterpieces. Currently, Brack is converting 15 Union Square West into luxurious condominium residences.
Brack's journey to success is distinctive. Established in 1992, the Brack Capital Group has 15 offices worldwide and a business scope that extends to not only its real estate arm, but also projects involving infrastructure, energy, and venture capital investments. As principal investor of more than $8 billion, Brack has taken the lead in office, retail, and residential projects that, in total, exceed 40 million square feet.
The company's success lies in a number of key strategic components-including a global view that allows for diverse risk analysis and unique international leveraging capabilities; an acute knowledge of each local market; and independently managed local teams of highly diverse, motivated and experienced employees. In addition, Brack boasts total, in-house capabilities through its wholly owned subsidiaries, in all areas of research, finance, merger and acquisition activities, development, construction and building management. These competitive advantages position Brack as a leader in property acquisition and development around the world.
With its strong reputation for meticulous restoration and renovation, and a history of effective, innovative global marketing campaigns, BCRE is strongly positioned for long lasting success as one of the world's premier developers. The firm remains an active worldwide player with projects in the U.S., China, India, and Russia, as well as Western Europe and the U.K.
Designed in 1870 by John Kellum as a Tiffany flagship, 15 Union Square West was referred to as "the Palace of Jewels." However, in the 1950s, the deteriorating facade was replaced by a white brick exterior which sat unrenovated on the western border of bustling Union Square. BCRE purchased the building two years ago and, shortly there after, teamed up with Brown Harris Stevens SELECT to create a 12-story residential condominium that would highlight the building's historic past while adding to it a contemporary aesthetic. The partnership with Brown Harris Stevens SELECT, the new development marketing division of the 135-year-old Brown Harris Stevens, ensures that the future of the historic New York landmark will be as remarkable as its glorious past.
"When Brack Capital purchased 15 Union Square West, it had a white brick facade," explained CEO Moshe Azogui. "There was no indication of how much, how little or if any of the cast-iron structure was left from the original 1870 Tiffany & Co. building-one of the most ornate cast-iron structures in the city at the time."
Behind the brick facade, the cast-iron arches from the Tiffany's era remain in the original five-story structure. Brack worked with the architectural team at Perkins Eastman, led by Eran Chen, to carefully preserve the arches, which make for soaring ceiling heights up to 16 feet.
Wrapping the building in a transparent glass envelope ensures that the historically significant 15-foot cast-iron stanchions can be seen from outside while functioning as sculptural elements within the apartments.
The new condominium features seven additional floors, all penthouses, built atop the original structure that are comprised series of sophisticated glass cubes set at different angles, creating expansive, private outdoor terraces. For the 36 two- and three-bedroom homes, interior designer Vicente Wolf considered every detail, custom designing the interior layouts, fixtures, finishes and furnishings. His design aesthetic reflects the building's blending old with new, creating a timeless sensibility.
Blending the past and future to stunning effect has been a trademark of many Brack Capital projects, including the complete rehabilitation of 90 West Street, a Cass Gilbert office building that suffered extensive damage on September 11, 2001. The company also took on 230 Riverside Drive and The Olcott, both on Manhattan's Upper West Side. Brack reinvented the spirit of each of these incredible buildings, adding a beautiful level of detail and finishes, while maintaining their architectural integrity. The intrinsic value of this approach to urban design has not only demonstrated enduring value over the years, but it is also a testament to the integrity and dependability of developments created by Brack Capital.
According to Shlomi Reuveni, executive vice president and senior managing director of Brown Harris Stephens SELECT, "Brack Capital has created an exceptional property. 15 Union Square West is proof that when all of the components of a project work-location, history, design, amenities-it will generate interest and sales."
