Closings Begin at the Downtown's Tiered Art Deco Masterpiece, 101 Wall Street

By Ondel Hylton | From Future New York Thursday, April 27, 2017

Model unit living room; Corcoran Group

The Roaring 20s and the early 1930s are usually thought of as the golden era for the New York City skyscraper. The passing of the 1916 Zoning Resolution fundamentally changed the way we built tall buildings and resulted in staggered silhouettes iconic to the world over. Never again had the city’s architecture been so influential, yet the classic pinnacling skyline of lower Manhattan remains seared in our memories today.

One of the best examples of these staggered masses can be captured from the East River waterfront, near the foot of Wall Street. From various points, 120 Wall Street, 70 Pine Street, and 40 Wall Street majestically break free from the surrounding International Style style boxes built a generation after them. Tucked into the corner of Wall and Front streets is the wedding-cake-like 101 Wall Street — a 25-story high-rise designed by the prolific firm of Schwartz & Gross.

After serving as an office building for nearly 85 years, the building’s next chapter is being written by The Claremont Group who are wrapping up a top-to-bottom conversion of the tower into 52 condominiums. Piet Boon in collaboration with Karl Fischer are responsible for the design which includes a discreet penthouse addition that does not ruin its Art Deco exterior.

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Interiors are contemporary and open. Beamed, 9 foot 6-inch-high ceilings and an array of windows bathe spaces with morning light. Kitchens offer Bosch appliances while marble baths feature Kohler brushed nickel fixtures and deep soaking tubs. Due to its crescendoing profile, many of the homes are provided with private outdoor terraces.

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According to a recent press release, the building is now ready for immediate occupancy. Per our building profile, only 4 of its homes remain on the market. They include a 700-square-foot one-bedrooms priced at $1.265M, 1,500-square-foot two-bedrooms priced from $2.495M and a 1,795-square-foot three-bedroom priced at $3.59 million.

With its limited inventory and growing residential population, prices in the Financial District have been surging. Per our latest market report, the average closing price for a condo in the area stands at a record $1,647 per square foot, up $312 from a year earlier. With a shortage of development sites to build on, new buildings such as 50 West Street, One Seaport and 30 Park Place are priced at a premium. 101 Wall Street however offers the rare opportunity to purchase a sponsor residence downtown for below $1,800 per square foot.

Average closing PPSF of Financial District condos; CItyRealty

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