By the late 1920s, high-rise apartment buildings were being developed on Central Park West in anticipation of the completion of the
New York City Subway's
Eighth Avenue Line, which opened in 1932. Central Park West was concurrently widened from . Under the Multiple Dwelling Act of 1929, this allowed the construction of proportionally taller buildings on the avenue. In contrast to the San Remo, the Beresford had three towers, which were octagonal and relatively short.
Development The
New York Herald Tribune reported in mid-November 1928 that the original San Remo Hotel might be replaced with a 30-story apartment hotel. Two weeks later, a syndicate led by Henry M. Pollock bought the old San Remo from the Brennan estate, as well as several adjacent four-story houses to the west. The Pollock group planned to spend $7 million on a new building on the site. In April 1929, the Times Holding Corporation (which owned the San Remo Hotel) acquired a house at 4 West 75th Street. The firm planned to raze the house, which occupied part of the footprint of the new building's courtyard. The San Remo Hotel closed the same month, and the
Ravitch Brothers filed plans for a new
apartment hotel on the same site. That July, San Remo Towers Inc. transferred a $5 million mortgage loan on the new building to the
Bank of United States. Within a month, leasing agents
Pease & Elliman were renting out apartments at the new San Remo. The San Remo Hotel had been demolished by September 1929, and the site of the new building was being excavated. The plans were subsequently revised to a 26-story building, and the HRH Construction Corporation was hired that December as the general contractor. By then, L. J. Phillips & Co. had taken over as the building's leasing agent. The San Remo ultimately cost $5.5 million to construct. HRH was paid $125,000 for its role as general contractor at the San Remo. HRH also agreed to manage the San Remo (as well as the Beresford, which it also built) in exchange for two percent of the buildings' gross profits. In a
New York Herald Tribune article on September 14, 1930, the HRH Construction Company indicated that the San Remo would open that October. The surrounding area had suffered after the
Wall Street Crash of 1929, and shantytowns were built directly across the street from the San Remo during the
Great Depression. it shut down and its top officials were charged with recklessly using depositors' funds for speculation. Early the next month, contractors placed $423,000 worth of liens against San Remo Inc., and the Bank of United States moved to foreclose on the building's $5 million mortgage loan. Joseph Ravitch, head of HRH Construction, testified that the bank and its affiliates owed him $40,000 for the San Remo's construction. In spite of all these issues, a broker claimed in mid-1931 that large apartments at the San Remo were being steadily rented. Following further negotiations, the Banking Department liquidated all claims against the San Remo except for its own lien. At the time, 88 of the 128 apartments had been rented, The San Remo was placed for sale at a foreclosure auction that February, and the Bank of United States (still part of the Banking Department) acquired the building, bidding $1,021,000. In December 1932, the bank gave a new first-mortgage loan of $1.5 million to the San Remo Realty Company, a subsidiary of the bank that had taken over the building.
1930s to early 1970s in Central Park Throughout the Depression, the building went bankrupt several times and passed to numerous owners. The Banking Department announced in July 1935 that it would refinance the building with a $3.1 million loan from the
Metropolitan Life Insurance Company and would use the funds to distribute
dividends to the Bank of United States' depositors. Some creditors expressed opposition to the mortgage, but a representative of the Banking Department said the state government wished to sell the building and that a mortgage would facilitate such a sale. A state judge approved the mortgage that September. By 1938, there were 117 families in the building. As the state was trying to find a buyer for the building, its staff went on strike in March 1938 The journalist
Peter Osnos wrote that the San Remo and other Central Park West apartment houses contained many Jewish residents during the 1930s and 1940s, since these buildings were not "restricted", unlike others on the East Side. In July 1940, a group of anonymous investors acquired the San Remo and Beresford, assuming a combined $7.4 million in mortgages on the two structures. The buildings themselves cost only $25,000, although they had cost a combined $10 million to build. The investment group was known as the Sanbere Corporation, a portmanteau of the two buildings' names. The San Remo's staff occasionally went on strike, such as in 1942 and in 1950. The San Remo also had twenty rooms for maids, many of which had been converted to tenant storage spaces or offices by the early 1960s. By the mid-1960s, a dozen apartment buildings on Central Park West had been converted into
housing cooperatives. At the end of the decade,
Harry B. Helmsley and his partner
Lawrence Wien proposed converting the San Remo into a cooperative. Helmsley had an option to acquire the San Remo for $12 million and planned to sell it to tenants for $15 million. Most residents supported the idea of a co-op conversion, but 86 percent of residents objected that the prices for each apartment, at over $100,000 each, were far too high. A group of tenants organized to express opposition to the proposal. Helmsley and Wien withdrew their plan in June 1970 because not enough residents had purchased shares in the cooperative, despite having lowered the prices for each apartment. For the offering to go into effect, at least 35 percent of the residents had to buy shares. The building retained most of its original windows, except for two upper-story apartments, where the windows were replaced with single panes in the early 1970s. Afterward, the San Remo's co-op board banned window replacements in anticipation of a potential city-landmark designation.
Paul Goldberger, president of the co-op board, said the board members had a "self-imposed tradition of treating the building as if it were a landmark". The San Remo's co-op board began restoring the facade in the early 1980s. The
New York City Landmarks Preservation Commission (LPC) designated the San Remo as a city landmark in March 1987. As a result, the LPC was obliged to review all proposed changes to the exterior. The exterior restoration ultimately lasted about one decade. By 1996, units in buildings on Central Park West were in high demand. while another unit received an unusually high number of inquiries from Upper East Side residents. The south tower had been restored by the end of 1999, and work on the north tower was scheduled to be conducted. Many residents had complained that director
Steven Spielberg and entrepreneur
Steve Jobs were conducting multi-year renovations of their respective apartments. In 2006, the San Remo's co-op board banned residents from using fireplaces. Some residents owned their apartments for long periods. When an apartment in the south tower was placed for sale in 2010, only one south-tower apartment had been sold in the preceding 16 years. In another case in 2011, the previous owner had resided in the apartment since the 1950s. The San Remo attracted many residents in the entertainment industry, especially as compared to other Central Park West buildings, where wealthy people lived in relative obscurity. By the 2010s, many of the celebrities who had lived in the San Remo had moved out, and a growing proportion of residents worked in the finance industry. Among the remaining celebrities in the San Remo in 2017 were musician
Bono and actor
Steve Martin. ==Residents==