This week’s ‘Five Minutes With’ series features Marc Ehrlich, Chief Investment Officer at Rose Associates, whose project – 70 Pine Street – which was developed in partnership with DTH Capital, is a 2019 Awards Finalist for Excellence in Repositioning/Redevelopment.
Who has had the greatest influence on your career and what was the best advice he or she gave you on how to approach the redevelopment of 70 Pine?
The building’s original owner, Henry Dougherty, was the primary inspiration for us as developers. Rose and DTH allowed Dougherty’s vision and spirit to guide us as we adapted the property from commercial to residential. A key component of this was the reopening of 70 Pine’s Art Deco lobby. Dougherty viewed the building as an extension of the city and its surrounding streets. When 70 Pine first opened, its lobby offered a variety of services and shops intended for both the executives in the offices upstairs and the people of lower Manhattan. This beautiful space had been closed to the public for years, but it is now open and accessible once again. 70 Pine’s offers the public a mix of retail that includes an artisanal coffee shop, a two-story gourmet market, a fast-casual eatery, a florist, and a 8,000 sf restaurant on the ground floor. 70 Pine is also home to a world-class fitness and wellness center, and a contemporary residential hotel offering suites as large as two-bedrooms. Soon, the building’s top floors will be open to the public for the first time with the opening of a first-rate lounge and dining experience.
What qualities do you think are essential to be an effective leader?
To develop effectively a team must be able to work on a variety of different project types and realize that each development presents its own challenges. Combined, Rose Associates and DTH Capital have been involved in five adaptive reuse projects in lower Manhattan including the repositioning of 70 Pine. We believe that adaptive reuse should be a focus of every stakeholder in our industry – from developers and architects to contractors, construction managers, and the city itself. As an asset class, adaptive reuse represents a significant portion of future development in New York City and beyond. It may not be easy to work within existing structures, but there are many rewards associated with the successful repositioning of a building.
70 Pine was constructed as a 66-story office building nearly 100 years ago, and was named a New York City landmark in 2011. As a result, developing the property required an immense amount of care and attention. We are pleased that our work has allowed for the preservation of this one-of-a-kind skyscraper. While there were challenges, this project helped us grow as developers. Rose and DTH are proud of the work we did to reconceive and redevelop 70 Pine. This legendary structure, which helped define Lower Manhattan and the city skyline for decades, is now well positioned to maintain its iconic status while contributing to the city as a functioning residential, retail and dining destination. We are pleased that 70 Pine is a positive example of how developers can find success through adaptive reuse.