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Located at the southernmost part of lower Manhattan–and at the center of the global financial universe–New York City’s Financial District in many ways represents New York City to the world. Encompassing the area south of City Hall Park, with the corner of Wall and Broad Streets as its center, this bustling grid of streets is also a waterfront neighborhood, surrounded by New York Harbor and the East River. As a backdrop, the towering masts of South Street Seaport’s tall ships recall the maritime history of the city’s earliest days. The business of finance is still anchored here, but as with all New York City neighborhoods, change is around every corner, and the number of residents who call this downtown district home continues to grow.
What to do and see, and where to live in Fidi
Photo credit: Evan Joseph for Macklowe Properties
A New York City Art Deco landmark is showing off its second act as a luxury residential tower. Once one of New York’s tallest office buildings, One Wall Street now boasts a new superlative: the largest office-to-residential conversion in the city’s history. Developed by Macklowe Properties, the 566-unit tower sits within the restored former Irving Trust Company Building, designed in 1931 by famed architect Ralph Walker. New images of the residences and innovative co-working space were released this week, providing a first peek inside one of the city’s most unique new residential buildings.
After New York City’s construction and real estate industries ground to a halt last year because of the pandemic, 2021 saw a flurry of activity, thanks to the arrival of the coronavirus vaccine and federal funding for states and cities. This year, we saw positive signs that the road to recovery for New York real estate has started. More apartments sold in Manhattan in the third quarter of 2021 than at any point during the last 30 years. Brooklyn gained its first supertall. The priciest private development ever built in the Bronx opened. Records were broken, set, and broken again.
As the city adapts to a new normal, so do residential projects. Amenities now focus on health and wellness, like stunning sky-high pools, curated fitness centers, and landscaped outdoor space. With work-from-home culture likely not going anywhere, developers offer designer-crafted co-working spaces, libraries, and lounges.
Our picks are down to 16 of the most notable residential projects this year. Which do you think deserves 6sqft’s title of 2021 Building of the Year? Polls for our seventh annual competition will remain open through midnight on Sunday, December 26. A winner will be announced on Monday, December 27. Happy voting!
Carter Uncut brings New York City’s latest development news under the critical eye of resident architecture critic Carter B. Horsley. This week Carter brings us his fourth installment of “Skyline Wars,” a series that examines the explosive and unprecedented supertall phenomenon that is transforming the city’s silhouette. In this post Carter looks at the evolution of the Lower Manhattan skyline.
Lower Manhattan at the start of the Great Depression was the world’s most famous and influential skyline when 70 Pine, 20 Exchange Place, 1 and 40 Wall Street, and the Woolworth and Singer buildings inspired the world with their romantic silhouettes in a relatively balanced reach for the sky centered around the tip of Lower Manhattan.
Midtown was not asleep at the switch and countered with the great Empire State, the spectacular Chrysler and 30 Rockefeller Plaza but they were scattered and could not topple the aggregate visual power and lure of Lower Manhattan and its proverbial “view from the 40th floor” as the hallowed precinct of corporate America until the end of World War II.
The convenience and elegance of Midtown, however, became increasingly irresistible to many.
More on the the history of Lower Manhattan and what’s in store
According to the Wall Street Journal, a group of investors, led by developer Harry Macklowe, has just paid $585 Million for One Wall Street, the headquarters of Bank of New York Mellon Corp.
A spokesman for Macklowe declined to disclose what the developer plans to do with the 50-story tower, but word is that other bidders for the building, which included JDS Development Group and a joint venture of Elad Group and Silverstein Properties Inc., had plans to convert it for residential use. If the building is transformed into luxury residential units, the Art Deco styling will certainly lend to the appeal. The Chelsea‘s Ralph Thomas Walker-designed Walker Tower, and its sister building in Hell’s Kitchen, the Stella Tower, have done quite well in their conversions to co-ops, attracting both the rich and famous with buyers paying on average $3,443 per square foot in the Walker.
Macklowe is said to be “very pleased to be associated with this landmark property.”