WATCH: Inside Macklowe’s gut renovation of historic One Wall Street

It’s one of the largest office-to-condo conversions in New York real estate history

TRD New York /
Mar.March 26, 2019 07:00 AM

It’s one of the largest office-to-condo conversions in New York real estate history.

Macklowe Properties’ development of One Wall Street comes with unique challenges. The building’s landmarked limestone exterior has to be preserved, even while the interiors are gut-renovated and modernized to create 566 condominiums and 174,000 square feet of retail space.

The Real Deal got a sneak peek inside the construction project.

Built between 1928 and 1931, the Art Deco skyscraper designed by architect Ralph Walker only ever had one tenant, the Bank of New York. As part of the redesign, 34 old elevators and 16 escalators were torn out.

“You’ve got pre-war, as well as very modern, in one building,” said Lilla Smith, director of architecture and design at Macklowe Properties.

Apartments in the building, which has a projected sellout of $1.69 billion, will range from studios to three bedrooms, with a penthouse in the famed White Room at the top of the landmarked tower. The apartments will average about $2,600 a square foot, though the building’s sales launch has been pushed back multiple times.

Macklowe, in partnership with former prime minister of Qatar Sheikh Hamad Bin Jassim Bin Jaber al-Thani (HBJ), landed a $750 million construction loan in November. They paid $585 million to acquire the property in 2014.

Two retailers, Whole Foods and Life Time, have signed leases at the site. Target was  in discussions to open a location at the base of the tower, as TRD reported last year.

Related Articles

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

John Catsimatidis

John Catsimatidis on why he should be mayor

Jim Whelan of REBNY

Jim Whelan talks “playing defense”

Harry and Linda Macklowe (Credit: Getty Images, iStock)

The Macklowes’ massive art collection nears auction

Eliot Spitzer & Eran Chen

“That’s the best you can do?” Eliot Spitzer and Eran Chen on their recent project

Compass’ Leonard Steinberg

Broker group’s first holiday video is a ‘beaut’

What are Ryan Serhant’s politics?

What are Ryan Serhant’s politics?