The Woolworth Building’s neo-Gothic tower, one of New York City’s most recognizable landmarks, is about to be turned into luxury condominiums, a transformation that would be second only to placing penthouses atop the Chrysler Building or the Empire State Building.

The world’s tallest building when it opened in 1913, the Woolworth Building was called the “Cathedral of Commerce,” its copper-domed tower soaring 792 feet into the skyline. Now, in a $68 million deal made final last week, the tower will be turned into about 40 luxury apartments, including a five-level penthouse in the cupola.

In a condo market still recovering from the Lehman Brothers crash in 2008, some developers have focused on conversions as a way to create new luxury apartments that cater to an eager, astronomically wealthy clientele who in the past few months have spent tens of millions of dollars on sumptuous apartments. With its historic status downtown, the Woolworth Building has the cachet to give it an edge over its competitors.