One Wall Street, which claims to be the largest office-to-condo conversion project in New York City’s history, should be ready to start accepting purchase offers for its homes this fall for its opening in 2020.
In 2014, Macklowe Properties paid $585 million to acquire this 50-story, 1.1-million-sf Art Deco tower in New York’s Financial District, which had been built in the early 1930s for the Irving Trust Company, and expanded in 1963. When its renovation is completed, One Wall Street will offer 566 residences (whose selling prices are expected to average $3 million, according to various news reports), and more than 100,000 sf of amenities that include an enclosed pool on floors 35 and 36, and a 39th-floor roof deck overlooking New York harbor.
Forty-seven apartments will have their own private terraces.
To free up more space, the Building Team moved the stairwell to the center of the building, and reduced the number of elevators to 10, form 34. Image: Courtesy of Macklowe Properties
Joseph Bosco, Macklowe’s senior project manager, who has been on the renovation since 2015, tells BD+C that this industrial, steel-framed building was not especially conducive to residential conversion. For one thing, it had 34 passenger elevators that Bosco says took up a tremendous amount of space. The renovation reduced that elevator count to 10, and moved the building’s stairwell from the interior periphery to the center of the building. “The stairs are now aligned with the elevator core,” he says.
One Wall Street is actually two buildings: a 52-story tower that opened in 1931, and a 30-story tower that debuted in 1964. Bosco explains that the latter building is more of an annex, and its connection with the taller tower is “seamless.” The annex is getting a six-story addition at the top as part of the reno.
One hundred tweny seven of the residential units will be studios in the 500-sf range, says Bosco. The rest of the homes will be one-, two-, and three-bedroom apartments in the 1,500- and 2,000-ft range at the higher levels of the tower. There will also be a 12,000-sf triplex penthouse, the price for which Bosco couldn’t say when interviewed.
Up until 2017, Macklowe had intended that 65% of the residential units would be rentals. It switched gears to for-sale units exclusively, partly in response to the glut of luxury rentals and condos on the market.
The developer got permission from the city’s Landmarks Commission to replace the windows in the building. And it also spent 16 months and $1 million restoring a 9,000-sf lobby mosaic installation known as the Red Room, created by artisan Hildreth Meière.
To accommodate ground-floor retail that will include a three-story 44,000-sf Whole Foods grocery, the building team created a glass curtainwall at the building’s base. Macklowe’s team includes SLCE Architects (architect and AOR), Cosentini (ME), DeSimone Consulting Engineers (SE), and JT Magen (GC).
The website CityRealty reports that Macklowe Properties’ sellout price for One Wall Street is now $1.686 billion, up from than earlier price of $1.5 billion.
Related Stories
High-rise Construction | Jul 29, 2015
Jerusalem to get a high-rise pyramid by Daniel Libeskind
Are pyramids making a comeback? The city of Paris recently approved a triangle-shaped building that stirred controversy from residents. Now, the city of Jerusalem gave Libeskind's pyramid tower the go-ahead.
Contractors | Jul 29, 2015
Consensus Construction Forecast: Double-digit growth expected for commercial sector in 2015, 2016
Despite the adverse weather conditions that curtailed design and construction activity in the first quarter of the year, the overall construction market has performed extremely well to date, according to AIA's latest Consensus Construction Forecast.
High-rise Construction | Jul 28, 2015
Work begins on KPF's 'flared silhouette' tower in Manhattan
The 62-story, 157-unit luxury condo tower widens at the 40th floor, resulting in a gently flared silhouette, accented by a sculpted crown.
Multifamily Housing | Jul 27, 2015
Miami developers are designing luxury housing to cater to out-of-town buyers and renters
The Miami Herald reports on several new multifamily projects, including the Paramount Miami Worldcenter, whose homes include maid’s rooms, larger terraces, boutique-size closets, and guest suites.
Multifamily Housing | Jul 20, 2015
At an 18-year high, multifamily construction continues to drive housing sector
Predictions that multifamily housing construction would taper off in 2015 may have underestimated the ongoing demand for this kind of housing, the vast majority of which is being marketed as rentals.
Multifamily Housing | Jul 16, 2015
Minneapolis relaxes parking requirements on new multifamily buildings
The city cut the number of spots required for large developments by half. It also will accept plans with no parking spaces in certain cases.
Codes and Standards | Jul 16, 2015
Berkeley, Calif., adopts balcony inspection program following deadly collapse
Apartment building balconies will be subject to inspections every three years under new regulations adopted following a deadly collapse.
Multifamily Housing | Jul 9, 2015
Melbourne approves Beyoncé inspired skyscraper
The bootylicious tower is composed of 660 apartments and a 160-room hotel at the west end of Melbourne's business district.
Codes and Standards | Jul 8, 2015
California Supreme Court upholds affordable housing requirements
Court cites affordable housing crisis of ‘epic proportions.’
High-rise Construction | Jul 7, 2015
Bjarke Ingels designs Frankfurt skyscraper with a surprise in the middle
Several levels in the center of the 185-meter tower are shifted outward to allow for terraces with city views.