One Wall Street: What the Offering Plan Says About This Landmark Conversion
One Wall Street is a 566-apartment condo carved out of a landmark Financial District office tower, with a commercial unit below that the sponsor leases to Whole Foods and a large health club. Its offering plan makes a bulk membership in that health club a shared cost for every owner and budgets a large, 24/7 staff, with payroll the biggest line in the first-year budget.
In brief: One Wall Street is a 566-apartment condo created inside a former office complex in the Financial District, made up of a landmarked 1931 tower and a 1963 annex. The offering plan pairs a 38th-floor pool and 39th-floor lounge for residents with a large health club in the building's commercial space, and every owner pays toward a bulk membership in that club through common charges. It also budgets a large staff, with doormen, concierges and engineers on duty around the clock.
What's Specific to It
- A gym membership is built into your common charges. The board must buy a bulk membership in a roughly 74,000-square-foot health club in the commercial unit: $750,000 in year one, then about $1.5 million a year, whether or not you use it.
- Your gym is open to the public. The club is open to outside members, and extra services cost more. The residents-only workout room is planned with no equipment.
- Two heating systems, depending on your apartment. "Type A" apartments get hot-water fan coils; "Type B" apartments get heat pumps.
- Whole Foods is downstairs. Part of the commercial unit is leased to Whole Foods, which may run 24/7 with after-hours deliveries.
- Only the commercial space gets a tax break. The ICAP abatement covers the commercial unit for 12 years and doesn't affect apartment taxes.
- Five apartments were held back. Units 3304, 3305, 4001, 4101 and the Penthouse were reserved for later pricing, and the sponsor may rent them instead.
Listing sites tend to stop at the photos and the pool. The offering plan filed with the New York Attorney General goes further: the appliances, the health club deal, the staffing and the projected first-year costs.
At a Glance
- Apartments: 566 residential units, plus one commercial unit (retail and the health club)
- Buildings: a landmarked 51-story tower from 1931 joined to a 1963 tower, which gets a new five-story addition on top
- Residential floors: roughly the 6th through 54th (marketing floor numbers), above a 1st-floor lobby and retail
- Plan accepted: May 2018 (plan ID CD170216)
- Parking and storage units: none in the plan
Finishes
The plan describes two finish packages, "Type A" and "Type B" apartments, and says all fixtures and appliances are new. The sponsor can swap in items of equal or better quality, so treat brands as the plan's spec, not a guarantee.
Kitchen
- Appliances: Miele panel-ready refrigerator and dishwasher, speed oven, wall oven, induction cooktop and hood, plus a panel-ready Vintage wine fridge
- Sink: Cantrio Koncepts undermount stainless, with a disposer
- Counters and cabinets: stone slab counters; lacquer cabinets in Type A apartments and glass/laminate wood in Type B
Good to know: induction means no gas in the kitchen.
Baths
Faucets, showers, sinks, tubs and toilets are all specified as Cantrio Koncepts or equal. Compare in our guide to bathroom brands in NYC luxury condos.
Floors and windows
Floors are engineered white oak (the Type B spec calls for 3/4-inch-thick, 5-1/2-inch planks). The 1931 tower keeps its limestone facade and punched windows, upgraded as needed to meet sound-attenuation minimums set by a city environmental review.
Laundry
Every apartment gets a Whirlpool washer and dryer. There's also a shared laundry room in the sub-cellar with 20 commercial washers and 10 stacked dryers.
Heating and cooling
- Type A apartments: fan coil units under the windows and/or in the ceilings, fed with hot water, with a programmable wall thermostat
- Type B apartments: heat pumps under the windows and/or in the ceilings
- Source: Con Edison steam, converted to hot water on a mechanical floor
Tip: the plan notes that cooling towers sit on the 15th floor, and in some weather you may see plumes of water vapor from apartment windows, mainly on the south side.
Amenities
The plan lists these as anticipated, not guaranteed:
- 38th floor: an attended fitness and wellness center with a glass-enclosed pool about 75 feet long, plus steam and treatment rooms
- 39th floor: an event and entertainment lounge with banquettes, a dining room, and demo and catering kitchens
- Terraces: shared terraces on the 38th and 39th floors
- Health club: classes, weights, cardio, spa services and food service, possibly 24/7
- Workout room: an unattended room on the 6th and 7th floors, planned with no fitness equipment
- Below grade: bike racks, a dog wash and the shared laundry room
Good to know: the board can limit terrace headcount, noise and glassware, and require a chaperone for anyone under 18. Guests must be accompanied by a resident. See also condo amenities by building size.
Staffing and Services
At full staffing, the plan calls for:
- Front desk: doormen and concierges, each covered 24 hours a day, 7 days a week
- Hallman: 16 hours a day, 7 days a week
- Loading dock attendant: 24/7
- Resident manager: one, full time, supervising the staff
- Maintenance: two full-time handymen and 11 porters
- Engineers: a chief engineer, six watch engineers and two helpers (24/7)
Union or not? The plan says staff will be non-union except the building engineers, though wages are budgeted at Local 32BJ union rates.
Good to know: staffing can be reduced until occupancy builds, but the lobby must have a doorman or concierge 24/7 from the first closing. For context on what front-desk coverage costs, see how much a doorman costs a NYC condo.
What It Costs to Run
The plan's first-year budget (the sponsor's projection for October 2020 through September 2021) totals about $12.1 million. Residential owners cover roughly 83% of that, about $11.3 million, and the commercial unit covers the other 17% or so. Each apartment's share depends on its common interest; compare with our common charge benchmarks to compare.
| Budget line | Year one, roughly |
|---|---|
| Payroll and related | $4.4 million (about 37%) |
| Service contracts (incl. health club membership) | $2.0 million |
| Insurance | $1.3 million |
| Steam (heat and hot water) | $1.2 million |
| Electricity | $1.0 million |
| Water and sewer | $0.7 million |
| Management fee | $0.5 million |
| Replacement reserve | $0.4 million |
A few lines stand out inside service contracts: the health club bulk membership ($750,000), an amenity service provider (about $410,000), building-wide Wi-Fi (about $290,000) and window washing ($100,000). For why budgets vary this much, see why NYC condo operating costs differ and our operating expense benchmarks.
Tip: the plan says the health club payment is expected to double to $1.5 million in year two and then rise further. That alone adds about $750,000 a year for owners to share.
Fine Print Worth Knowing
- The health club payment isn't tied to use. It lasts as long as the club operates. The anticipated lease runs 15 years plus renewals, but the operator only commits to five years, and the sponsor makes no promise about who runs it.
- A neighbor with a loading dock. Besides Whole Foods, the commercial unit may be used for a restaurant, retail, entertainment or other legal uses, by several tenants at once.
- Elevator lock-offs. The sponsor can restrict elevator access to full-floor apartments to that unit's owner.
- No parking or storage units. The plan creates none. (Background: how NYC condo parking is sold, licensed or leased.)
- Working capital. Buyers contribute two months of common charges at closing.
Who's Behind It
- Sponsor: MIP One Wall Street Acquisition LLC; the principal named in the plan is Harry Macklowe
- Architect of record: SLCE Architects
- Design architects: Ashe and Leandro and MdeAS Architects
- Engineers: DeSimone Consulting Engineers (structural) and Cosentini Consulting Engineers (mechanical)
- Managing agent: FirstService Residential New York
- Selling agent: Core Group Marketing
- Sponsor's counsel: Starr Associates LLP
- Tax counsel: Marcus & Pollack LLP
Common Questions
Does One Wall Street have a pool?
Yes. The plan describes a glass-enclosed pool about 75 feet long on the 38th floor, with steam and treatment rooms.
Do I have to pay for the health club if I don't use it?
Yes, per the plan. The bulk membership is a shared common expense, regardless of how many owners use it.
Is the staff unionized?
The plan says the staff will be non-union except the building engineers, with wages budgeted at Local 32BJ rates.
Where this comes from: the building's offering plan (CD170216), filed with the New York Attorney General and accepted in May 2018, including its description of property, building specifications and first-year Schedule B budget. Budget figures are the sponsor's projections, not actual costs, and later amendments may have changed details. Updated October 2026.