Former Verizon Switching centers offer opportunities for developers

For many years, Verizon, formerly known as New York Telephone were the owners and operators of office towers which served as switching stations. Over the past decade, a number of the office buildings have been converted into residential condominiums, ambulatory care and data storage facilities.

In 2011, the NYU Langone Medical Center acquired fourteen floors of the 24 story tower at 240 East 38th Street. A total of 327,000 square feet of the space is currently being converted as an ambulatory care facility for the Medical Center.

In the Chelsea neighborhood, the upper floors of the Verizon building known as the Walker Tower, at 212 West 18th Street, completed in 1929 has been transformed into 50 luxury condominium residences. The joint venture of JDS and PMG, who converted the Walker Tower, has also acquired floors at 435 West 50th Street where they plan to convert into 70 unit condominium residence.

In Downtown Brooklyn, the former headquarters of New York Telephone, located at 365 Bridge Street has been converted into the 27 story, 509,000 square foot tower BellTel Lofts, featuring 250 luxury condominium residences.

Last year, Sabey Data center Properties acquired the principal condominium interest in the Verizon Tower at 375 Peal Street. Sabey, an operator of multi-tenant data centers are repositioning the property as Integrate Manhattan, a one million square foot data center technology focused commercial tower

Posted on October 15, 2012 .