1 Wall Street Conversion Well Underway

1 Wall Street
1 Wall Street

Yet another massive commercial to residential conversion is underway in the Financial District, although the trend of conversions is nothing new. Perhaps the most remarkable of them all the Woolworth Building conversion, offering multi-million dollar condos carved out of marble (no affordable options).

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The Financial District and the Search for Affordability

45 Broad Street

45 Broad Street

Construction at this soon to be 1000+ foot supertall residential skyscraper is making progress clearing debris in preparation for foundation work. But there doesn’t seem to be much information regarding affordability. Owned by Madison 45 Broad LLC, New York City Department of Finance (DOF) records do not show any 421-a tax abatement for this property that would convey rent stabilized status, while¬†ACRIS records do not indicate any affordability regulatory agreement with HPD. But I’m sure the views are spectacular!

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