Another Bank Building Cashes In and Goes Condo
The condos are coming! James Watts gazes across Broadway at One Wall Street. (From the New York Public Library.)
An art deco gem in the Financial District of lower Manhattan has become the latest to join a growing trend: former bank buildings that are being converted into luxury condominiums.
The conversion plan for One Wall Street, a 50-story icon designed in 1931 by Ralph Walker as headquarters for the Irving Trust Co., has won the approval of the Landmarks Preservation Commission (LPC), YIMBY reports. Macklowe Properties, which bought the building from Bank of New York Mellon in 2014 for $585 million, plans to turn the landmarked structure and adjacent annex into 524 apartments, with two commercial spaces on the ground floor, one of which will occupy the famed Red Room. The plans, prepared by the architects Robert A.M. Stern and SLCE Architects, do not specify what will become of the four-story observation room on top of the building.
Stern told the LPC he is excited to bring the building “back to glory.”