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