Lower Manhattan is constantly changing and developing. Along the way, some buildings lose all traces of their original beauty, but One Wall Street continues to hold onto its historic architecture as it undergoes its transition from an office building to a residential condominium.
Photos provided by OWS.
Under the ownership of Harry Macklowe, One Wall Street’s preservation and development has been a 16-month process. Since it was originally designed by Art Deco icon Ralph Walker in 1932, the purpose of the building has changed from serving time as the Bank of New York to becoming a repurposed residential hub.
The final challenge in the revamping of One Wall Street is the iconic “Red Room”, which is known for its meticulous, detail-filled composition.
The Red Room was designed by Hildreth Meière in 1931 as a multi-colored glass tile mosaic. Although it was originally the building’s banking hall, this testament of time will be rejuvenated as a retail space with doors expected to open in 2021.
As for the rest of the building, occupancy is expected to begin as early as 2020. There are nearly 600 multi-million-dollar condos each with engineered hardwood floors, breathtaking views, washer/dryer sets, and Miele appliances included.
As we already reported, Downtown Alliance recently released their most impressive end-of-year report to date that touts Q4 as its best quarter of new leasing movement with over 5.5 million square feet of new commercial leasing activity to date. This past year alone, over 1,300 residential units in six buildings opened, pushing Lower Manhattan’s residential population to 62,000, a 148 percent increase since 2001.
Leading the charge, One Wall Street is setting the standard for luxury residential living and upscale retail in Downtown Manhattan. Situated at the heart of Broadway and Wall Street, One Wall Street is undergoing the largest office-to-condo conversion in the history of New York. Boasting more than 100,000 square feet of superior amenities spread across multiple floors, the building is slated to open in 2020 with sales beginning this year. Just recently, Life Time announced it will be adding a 75,000-square-foot health and wellness center to the luxury condo development, joining the previously announced 44,000-square-foot Whole Foods.
The development of One Wall Street reflects the drastic changes in Lower Manhattan, which include magnificent architecture, top-tier schools, charming boutiques, bakeries and patisseries, spectacular wine shops, and next-level fitness studios. But what sets this neighborhood apart from others is its rich history combined with the great outdoors: the beautiful waterfront, lush public gardens, long walking paths, and unparalleled access to other parts of the city.
The landmarked art deco Tower was originally built as the headquarters for Irving Trust in Downtown Manhattan in 1929. One Wall Street was designed by architect Ralph Walker in the early 20th century and is known as one of Manhattan’s premiere art deco towers which includes the opulent Red Room, designed by famed muralist Hildreth Meière.
“Located in the epicenter of Downtown, One Wall Street will be the heart of the renaissance transforming the neighborhood, bringing world-class, fully amenitized condo living to the birthplace of New York City,” said Harry Macklowe, Chairman of Macklowe Properties.“Our partnership with Life Time will offer residents and the surrounding community a wellness-centric lifestyle experience unlike anywhere else in the city. Macklowe Properties has leased to notable retailers like Life Time and Whole Foods, to coincide with the dramatic transformation of Downtown – from the historic businesses of Wall Street to the energy of one of today’s most desirable residential neighborhood.”
“This area is long overdue for more upscale grocery stores. With an increase in families almost daily, we have zero places to shop. Unless you out of desperation have to go to Gristedes, muttering to yourself as you shop, they have the most price-gouging of any store. 2 out of 5 visits you will surely have to go back for a second time because one or more of the items you purchased is either outdated, or has gone bad. When the first Whole Foods opened in 2008 in Tribeca, we downtowners were extremely happy, you would have thought that we won the lottery. Well, in actuality we did! We look forward to the second location below Canal. I love our downtown!”
“The announcement of Whole Foods coming to 1 Wall Street is one of many recent signs that Lower Manhattan has matured into a welcoming, full-service neighborhood that can meet the needs of both its residents and its workforce. Between the thriving restaurant scene, the tremendous growth of new retail stores, and now a centrally located grocery store, Lower Manhattan residents no longer have a reason to leave Downtown. Whole Foods will be a great addition to this location.”
