When the inimitable Harry Macklowe (known, most recently, for being the man behind the record-breaking 432 Park Avenue) bought One Wall Street in May for $585 million we all held our collective breath waiting to see what he was going to do with the iconic building, while at the same time assuming that he was going to convert it to condos because, you know, condos. Now the Daily News has revealed Macklowe's plans, and it turns out that he's going to convert the building into condos...and rentals. Apparently Macklowe learned his lesson (or, at least, a lesson) after losing most of his portfolio in the financial crisis of '07, and is hedging his bets by using half of the building's 800,000 (!) residential square feet for rentals in case the condo market takes a hit. There will also be 350,000 square feet of retail.
Now it remains to be seen how Macklowe will go about converting the 1929 Art Deco Ralph Walker-designed tower—if he will take his cues from that other high profile Ralph Walker condo conversion, or try to do something different.
· Macklowe's moment: Condos and rentals slated for FiDi biz tower [NYDN]
· One Wall Street coverage [Curbed]