The Real Deal New York

Macklowe taps CORE to market condos at 1 Wall Street

$1.5B resi conversion to launch sales in 2017: sources

June 03, 2016 06:30PM
By Mark Maurer and Katherine Clarke

1 Wall

Proposed rendering of One Wall Street, Harry Macklowe and Shaun Osher

Harry Macklowe’s Macklowe Properties tapped CORE to handle sales at its $1.5 billion residential conversion of the office skyscraper at One Wall Street, sources told The Real Deal.

The 50-story, 944,000-square-foot tower is slated to hold more than 500 apartments. The majority of them will be condos, sources said.

A CORE team led by the brokerage’s founder and CEO Shaun Osher is expected to launch sales sometime in 2017, sources said. The total sellout and the range of unit prices have yet to be determined. Macklowe is yet to file a condo offering plan with the New York state Attorney General’s office.

SLCE Architects is the architect of record, while Robert A.M. Stern Architects is designing the project.

In January, the city’s Landmarks Preservation Commission approved conversion plans, which call for an 848,000-square-foot residential component and 95,000 square feet of retail space. Whole Foods is reportedly in talks to occupy the base of the building.

There will be four full-floor penthouses at the top of the building.

A representative for CORE confirmed the assignment, while a representative for Macklowe Properties could not be immediately reached for comment.

Macklowe acquired the office building for $585 million in 2014. Sources have said the acquisition was completed in part with a sharia-compliant loan from Qatar National Bank.

Related Companies bought a 50 percent stake in CORE in 2014, and the brokerage has largely focused on the developer’s projects, including the Zaha Hadid-designed 520 West 28th Street in Chelsea and 70 Vestry in Tribeca.

The brokerage came in ninth on TRD’s annual ranking of closed sales listings in May with $478.7 million worth of listings over a 12-month period, up from $434.6 million the previous year.

MENU