04/04/2012 01:41 pm ET

Woolworth Building May Be On Sale For $500 Million

Owners of one of the city's most iconic landmarks, the Woolworth Building in Lower Manhattan, are said to be looking into prospective offers on the property, which could climb up to a staggering $500 million.

As The New York Post reports, multiple offers are either eyeing the entirety of the Woolworth's 935,633 square feet and 59 stories or just the top of the building's vacant top section, which alone makes up 184,483-square-feet of empty space.

The Woolworth, once the tallest building in the city, was constructed in 1913 and has undergone multiple renovations including a move to build an office tower with an air of posh luxury. In order to do so, developers gutted the top 25 floors, which the Times says "were once lower-rent floors occupied by tenants like dentists and barbers," in order to make room for exclusive condominiums.

But in 2011, owners shifted gears and decided to either rent out the space for tenants or update to a posh hotel.

Now with rumors of a possible sale, the Woolworth's fate is back to unknown. Perhaps the Marriott International might move in? In October, the company purchased another New York landmark, the famous MetLife Clock Tower, for $165 million with plans to transform the building into its hotel brand. But really the whole thing will probably be an IHOP one day.