The Real Deal New York

Macklowe files plans for $1.5B One Wall Street conversion

Developer will build 524 units within 848,000 sf of residential space

October 30, 2015 11:50AM
By Ariel Stulberg

Macklowe One Wall Street

From left: One Wall Street in the Financial District and a rendering of the building’s residential conversion (credit: Robert A.M. Sterns Architects) (inset: Harry Macklowe)

Harry Macklowe’s Macklowe Properties has finally made it official, filing a permit application for its residential conversion of One Wall Street.

The new building will contain 944,000-square feet of space in total, with 95,000 square feet devoted to commercial space, most of which will be used for retail. The developer plans to increase the building’s height from 627 to 650 feet.

One Wall Street’s 524 planned residential units, occupying 848,000 square feet of space, will be divided equally between condominiums and rental apartments. The building’s top four floors each each contain just one penthouse apartment.

The structure will also include 90 parking space and 428 spaces for bicycle storage. The most recent rendering of the planned building was produced by Robert A.M. Stern Architects, but SLCE Architects is given as the architect of record in the filing.

RKF is marketing the retail portion of the building for the developer.

Macklowe was seeking to raise $100 million through the EB-5 program for the project, the total cost of which is pegged at $1.5 billion, New York Yimby reported last month.

The filing shows several changes in Macklowe’s plans for the project. Last year, he told the New York Daily News that the new One Wall Street would contain about 350,000 square feet of retail space and close to 800,000 square feet of residential.

Macklowe bought the landmarked art deco office building last year for $585 million. Deutsche Bank provided $465 million in loans on the deal.

A representative of Macklowe Properties didn’t immediately return a request for comment.