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
Urban Planning | Jun 15, 2023
Arizona limits housing projects in Phoenix area over groundwater supply concerns
Arizona will no longer grant certifications for new residential developments in Phoenix, it’s largest city, due to concerns over groundwater supply. The announcement indicates that the Phoenix area, currently the nation’s fastest-growing region in terms of population growth, will not be able to sustain its rapid growth because of limited freshwater resources.
Multifamily Housing | Jun 15, 2023
Alliance of Pittsburgh building owners slashes carbon emissions by 45%
The Pittsburgh 2030 District, an alliance of property owners in the Pittsburgh area, says that it has reduced carbon emissions by 44.8% below baseline. Begun in 2012 under the guidance of the Green Building Alliance (GBA), the Pittsburgh 2030 District encompasses more than 86 million sf of space within 556 buildings.
Industry Research | Jun 15, 2023
Exurbs and emerging suburbs having fastest population growth, says Cushman & Wakefield
Recently released county and metro-level population growth data by the U.S. Census Bureau shows that the fastest growing areas are found in exurbs and emerging suburbs.
Engineers | Jun 14, 2023
The high cost of low maintenance
Walter P Moore’s Javier Balma, PhD, PE, SE, and Webb Wright, PE, identify the primary causes of engineering failures, define proactive versus reactive maintenance, recognize the reasons for deferred maintenance, and identify the financial and safety risks related to deferred maintenance.
Mixed-Use | Jun 12, 2023
Goettsch Partners completes its largest China project to date: a mixed-used, five-tower complex
Chicago-based global architecture firm Goettsch Partners (GP) recently announced the completion of its largest project in China to date: the China Resources Qianhai Center, a mixed-use complex in the Qianhai district of Shenzhen. Developed by CR Land, the project includes five towers totaling almost 472,000 square meters (4.6 million sf).
Mixed-Use | Jun 6, 2023
Public-private partnerships crucial to central business district revitalization
Central Business Districts are under pressure to keep themselves relevant as they face competition from new, vibrant mixed-use neighborhoods emerging across the world’s largest cities.
Multifamily Housing | Jun 6, 2023
Minnesota expected to adopt building code that would cut energy use by 80%
Minnesota Gov. Tim Walz is expected to soon sign a bill that would change the state’s commercial building code so that new structures would use 80% less energy when compared to a 2004 baseline standard. The legislation aims for full implementation of the new code by 2036.
Student Housing | Jun 5, 2023
The power of student engagement: How on-campus student housing can increase enrollment
Studies have confirmed that students are more likely to graduate when they live on campus, particularly when the on-campus experience encourages student learning and engagement, writes Design Collaborative's Nathan Woods, AIA.
Multifamily Housing | Jun 1, 2023
Income-based electric bills spark debate on whether they would harm or hurt EV and heat pump adoption
Starting in 2024, the electric bills of most Californians could be based not only on how much power they use, but also on how much money they make. Those who have higher incomes would pay more; those with lower incomes would see their electric bills decline - a concept known as income-based electric bills.
Multifamily Housing | May 30, 2023
Boston’s new stretch code requires new multifamily structures to meet Passive House building requirements
Phius certifications are expected to become more common as states and cities boost green building standards. The City of Boston recently adopted Massachusetts’s so-called opt-in building code, a set of sustainability standards that goes beyond the standard state code.
