An upmarket Wall Street apartment complex is the latest commercial buildings to be repurposed in New York, where the housing shortage has worsened, while office-occupancy rates are languishing.
Though the renovations started in an earlier era, One Wall Street is the first major conversion to open amid a push by Mayor Eric Adams for changes to city and state policies that would clear the way for more such projects.About 50 per cent of the available units have sold. Macklowe said the process started slowly, as the project was bogged down by perceptions of previous Financial District conversions and buyers’ concerns about living in the primarily commercial neighbourhood.
“If you buy a studio apartment in this building, you’re literally getting the same kitchen as the $US95 million penthouse at 432 Park Avenue,” Dubrow said. Some buyers have come from the neighbourhood and were looking to trade up to a modern building in the area, said Matthew Chook, Macklowe’s senior vice president of sales. Others include parents buying for young adult children, and some international investors.“The address is one that speaks volumes for a lot of purchasers, specifically not from New York City,” Chook said.
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