Dive Brief:

• A massive renovation of the iconic New York building formerly known as the Barclay-Vesey Building will convert the 32-story structure into 159 luxury condominiums.

• The 88-year-old office building at 100 Barclay St., designed by famed Art Deco architect Ralph Walker, housed the New York Telephone Co., but today is home to Verizon on 10 lower floors. Located next to 7 World Trade Center, the 'Art Deco jewel' suffered damage during the 9/11 attacks and was flooded three years ago by superstorm Sandy.

• The tiered, brick-and-stone tower has been rebranded as the Ralph Walker Tribeca Residences at 100 Barclay. Developers CIM and the Magnum Real Estate Group enlisted Ismael Leyva Architects, GRADE, Champalimaud and DXA Studio to renovate the landmark.

Dive Insight:

Apartments in buildings designed by Walker, who lived from 1889 to 1973, have become collectors’ items among the wealthy. Condos in this one, like the others, will sell for well over $1 million.

Many Walker-designed buildings were used to store heavy telephone equipment and were created to support the weight. That heft is apparently what saved the building when its facade was seriously damaged during the World Trade Center attacks, according to an article earlier this year in The New York Daily News.

The renovation, along with a number of other commercial-to-condo renovations in the area, is helping to revive its lower Manhattan neighborhood with high-end  homes and an infusion of lively retail and restaurants, which were lacking until recently, The Wall Street Journal reported.