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
| Mar 22, 2011
Mayor Bloomberg unveils plans for New York City’s largest new affordable housing complex since the ’70s
Plans for Hunter’s Point South, the largest new affordable housing complex to be built in New York City since the 1970s, include new residences for 5,000 families, with more than 900 in this first phase. A development team consisting of Phipps Houses, Related Companies, and Monadnock Construction has been selected to build the residential portion of the first phase of the Queens waterfront complex, which includes two mixed-use buildings comprising more than 900 housing units and roughly 20,000 square feet of new retail space.
| Mar 17, 2011
Perkins Eastman launches The Green House prototype design package
Design and architecture firm Perkins Eastman is pleased to join The Green House project and NCB Capital Impact in announcing the launch of The Green House Prototype Design Package. The Prototype will help providers develop small home senior living communities with greater efficiency and cost savings—all to the standards of care developed by The Green House project.
| Mar 11, 2011
Renovation energizes retirement community in Massachusetts
The 12-year-old Edgewood Retirement Community in Andover, Mass., underwent a major 40,000-sf expansion and renovation that added 60 patient care beds in the long-term care unit, a new 17,000-sf, 40-bed cognitive impairment unit, and an 80-seat informal dining bistro.
| Mar 11, 2011
Mixed-income retirement community in Maryland based on holistic care
The Green House Residences at Stadium Place in Waverly, Md., is a five-story, 40,600-sf, mixed-income retirement community based on a holistic continuum of care concept developed by Dr. Bill Thomas. Each of the four residential floors houses a self-contained home for 12 residents that includes 12 bedrooms/baths organized around a common living/social area called the “hearth,” which includes a kitchen, living room with fireplace, and dining area.
| Mar 11, 2011
Texas A&M mixed-use community will focus on green living
HOK, Realty Appreciation, and Texas A&M University are working on the Urban Living Laboratory, a 1.2-million-sf mixed-use project owned by the university. The five-phase, live-work-play project will include offices, retail, multifamily apartments, and two hotels.
| Mar 1, 2011
How to make rentals more attractive as the American dream evolves, adapts
Roger K. Lewis, architect and professor emeritus of architecture at the University of Maryland, writes in the Washington Post about the rising market demand for rental housing and how Building Teams can make these properties a desirable choice for consumer, not just an economically prudent and necessary one.
| Feb 15, 2011
New Orleans' rebuilt public housing architecture gets mixed reviews
The architecture of New Orleans’ new public housing is awash with optimism about how urban-design will improve residents' lives—but the changes are based on the idealism of an earlier era that’s being erased and revised.
| Feb 11, 2011
Chicago high-rise mixes condos with classrooms for Art Institute students
The Legacy at Millennium Park is a 72-story, mixed-use complex that rises high above Chicago’s Michigan Avenue. The glass tower, designed by Solomon Cordwell Buenz, is mostly residential, but also includes 41,000 sf of classroom space for the School of the Art Institute of Chicago and another 7,400 sf of retail space. The building’s 355 one-, two-, three-, and four-bedroom condominiums range from 875 sf to 9,300 sf, and there are seven levels of parking. Sky patios on the 15th, 42nd, and 60th floors give owners outdoor access and views of Lake Michigan.
| Feb 11, 2011
Sustainable community center to serve Angelinos in need
Harbor Interfaith Services, a nonprofit serving the homeless and working poor in the Harbor Area and South Bay communities of Los Angeles, engaged Withee Malcolm Architects to design a new 15,000-sf family resource center. The architects, who are working pro bono for the initial phase, created a family-centered design that consolidates all programs into a single building. The new three-story space will house a resource center, food pantry, nursery and pre-school, and administrative offices, plus indoor and outdoor play spaces and underground parking. The building’s scale and setbacks will help it blend with its residential neighbors, while its low-flow fixtures, low-VOC and recycled materials, and energy-efficient mechanical equipment and appliances will help it earn LEED certification.
| Feb 11, 2011
Apartment complex caters to University of Minnesota students
Twin Cities firm Elness Swenson Graham Architects designed the new Stadium Village Flats, in the University of Minnesota’s East Bank Campus, with students in mind. The $30 million, six-story residential/retail complex will include 120 furnished apartments with fitness rooms and lounges on each floor. More than 5,000 sf of first-floor retail space and two levels of below-ground parking will complete the complex. Opus AE Group Inc., based in Minneapolis, will provide structural engineering services.
