The residential conversion of the Art Deco landmark building, One Wall Street, has finally received a stamp of approval. The city's Landmarks Preservation Commission approved its conversion into 524 apartments with two retail outlets on the ground floor, YIMBY reports.
The previous owners of the building, Bank of New York Mellon, sold it to Harry Macklowe of Macklowe Properties for $585 million in 2014. Now, Robert A.M. Stern and SLCE Architects are collaborating on the new project.
Some of the changes this conversion will bring include the following:
An annex on the south side of the property will have several floors added to it. This will be done by removing some of the floors in the main building, which will in turn add more square footage allowance to annex area while also increasing the height of the floors in the main building. This annex will also be connected to the main building. Developers plan to build a winter garden on top of this connector.
The main entrance to the building, which is currently through the annex will be moved to a historic, but currently sealed off entrance on Broadway. One of the retail space will be to the right of this entrance. Developers speculate that it will be a Whole Foods type store. The other retail venue, which will be in the vein of a Cartier store, will have its entrance on Wall Street.
The iconic Red Room will be preserved, but the fate of the four-story observation room is as yet unclear. In the meantime, check out our tour inside the space from 2014, just after Macklowe purchased the property, to get a peek at these gorgeous Art Deco spaces.
Many of the building's setbacks will be converted into terraces when its conversion to residences is complete. The building is also expected to include four, full floor penthouses, and over 800,000 square feet of residential space. The estimated cost of the project is $1.5 billion.
Originally designed by Ralph Walker, One Wall Street was completed in 1931. It first served as the headquarters of the Irving Trust Company. The latter was taken over by the Bank of New York in 1988, and when the bank merged with the Mellon Financial Corporation in 2007 it became known as the BNY Mellon building.
· Landmarks Approves Changes To 1 Wall Street To Allow For Residential Conversion [YIMBY]
· Inside Art Deco Beauty One Wall Street Before Its Makeover [Curbed]
· One Wall Street Design Changes Revealed in Permit Filings [Curbed]