A Lower Manhattan landmark is about to undergo a big change. It was on Tuesday, January 19, when New York City's Landmarks Preservation Commission granted approval to modification intended to be done on 1 Wall Street. The update will convert the bank headquarters into a residential condo with retail spaces on the lower floors.
One Wall Street - surrounded by Broadway, Wall Street and New Street - was designed by architect Ralph Walker. Initially called the Irving Trust Company Building, the historic building was completed in 1931.
The bank has already gone through several transitions, such as when it became the Bank of New York before turning into the Bank of New York Melon/BNY Mellon. The bank eventually sold the property in 2014.
Taking on the redevelopment project is Macklowe Properties, as well as designs by famous architect Robert A.M. Stern and SLCE Architects.
The residential condo will house 524 apartments and two retail spaces on the building's ground floor, although that may also increase after some time. According to the New York YIMBY:
"The development will span the entire complex, both the landmark building and the undesignated annex, constructed on the building's south side in 1965. Land use attorney Valerie Campbell said while there is no current plan for additional commercial use above the first floor, there is a possibility of it in the future."
Redevelopment plans include "a several-story addition to the annex." The square footage for the addition will be supplied by removing some floors in the tower, in addition to increasing floor heights. Stern said that the new project will be "net-zero" on square footage.
There's also the possibility of a Whole Foods Market in the building, as Stern said that it would be an ideal model for an occupant of the said space found along the new entrance on Broadway.
