Lavish New Condos are Coming to the Financial District
Residential buildings are continuing to rise in the Financial District as developers work to convert commercial towers into new homes for this increasingly popular neighborhood. The latest conversion is One Wall Street, a former office building that will soon offer new condominiums. Work on these new homes is still in progress and is due to be completed by 2020, with sales expected to start this winter. The total project consists of retail space along with 556 Financial District condominiums.
One Wall Street stands on the corner of Broadway and covers an entire city block bordered by Wall Street, New Street, and Exchange Place. To the east stands the iconic New York Stock Exchange. The limestone tower was constructed in 1931 for the Irvin Trust Company who purchased the land for $700 per square foot in the late 1920s. The North Tower has a distinctive Art Deco style and is a landmark building. It was designed by Ralph Walker a prominent architect of the time whom The New York Times named the “Architect of the Century”. His distinctive style has shaped the Manhattan skyline with other iconic buildings including the Verizon Building, Times Square Building, and the AT&T Long Distance Building. In 1963, the South Tower was added to the building. This is not a landmarked building but is included in the development project, which has the approval of the Landmarks Commission.
The property covers about 1.1 million square feet of gross floor area which was occupied by BNY Mellon until One Wall Street was purchased by Macklowe Properties in 2014 for the sum of $585 million. The new development project is being designed by SLCE Architects and the total cost is estimated to be $1.5 billion. A New York Times article revealed some of the details of the project, including that twenty elevators, which are currently located on a perimeter wall, are to be moved into a central location and the number reduced to ten. This will free up more space for windows in the apartments to take full advantage of the glorious views from the building.
Retail space will occupy a total of 174,000 square feet on the lower levels, which will house eight business. Whole Foods Market has already signed for 44,000 square feet spread over three floors. The retail area includes an added glass exterior which has 22 foot high ceilings. Residents of the 556 condominiums will be able to enjoy a total of 100,000-square feet of amenities, including a 75 x 20-foot swimming pool, a gym, a golf simulator, indoor and outdoor lounges, and a 39th-floor roof deck. Forty-seven apartments will have their own private terrace which will be accommodated in the unique setback style of the building. Each apartment features floors made up of six-inch wide planks of engineered wood and comes equipped with Miele appliances, including washers and dryers. The kitchen cabinets, either glass or lacquered, will be installed to the buyer’s preference.
Prices are expected to average $2,000 per square foot with an average price for an apartment standing at $3 million. Easy access to public transport, the convenient location, the high ceilings, and the panoramic views are already drawing potential clients, and Chinese investors are reportedly showing a keen interest.