"We are very excited about this opportunity," says DavidLevinson, chairman and CEO of L&L, in a statement. "This is amajestic structure located at the eastern gateway to Chelsea, oneof the city's hottest development areas."
The basically vacant former International Toy Center, restaurantCipriani is the only tenant, will undergo a "substantialmultimillion-dollar renovation," that will cost a minimum of $75million exclusive of tenant build-outs, according to an L&Lspokesman. He tells GlobeSt.com work should begin in latespring.
"We intend to transform 200 Fifth Ave. into a very chic andexciting office building befitting its history and location.Everything but the facade of this building will be new."
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