To ensure the restoration of a landmarked building that was ravaged by fire and partially destroyed in the collapse of the World Trade Center, its Midwestern owners may be handed millions of taxpayer dollars.
The Lower Manhattan Development Corp.’s blueprint for the area’s future singled out the Cass Gilbert-designed building at 90 West St. to be saved and restored, but has not approved any payout.
The building’s owner, Aegon USA, is still locked in “round two” with the insurance company. But an estimated $100 million cost to simply repair the 350,000-square-foot office building – with around $20 million of that earmarked for its historical façade – is an imposition that could otherwise result in a slapdash fix.
The Post asked Alexander Garvin, the architect heading the LMDC’s planning, design and development team, how he expects its private owners to pay for the detailed restoration of the 23-story Gothic-themed structure.
“We will subsidize it,” Garvin declared. He would not elaborate on the amount of money.
“That’s what he’s told me, and we are working with the owners to preserve it,” confirmed Landmarks Commissioner Sherida Paulsen. No formal proposal for the restoration work has been received by the Commission, she added.
According to Daniel Margulies of LZA Associates, which is working with Aegon, 90 West has areas of fire and other damage, and has not been winterized.