Andrew Jones, the Director of International Sales at One Wall Street, gives an exclusive to CBNME on the demand for high-end luxury properties in New York such as One Wall Street
1. Tell us about Macklowe Properties, how has it performed in 2021, and what are the plans in 2022?
Macklowe Properties has been an active and profitable developer, owner and manager of real estate investments for over 60 years, with a portfolio that totals over 14 million square feet, with commercial and residential developments in nearly every submarket of Manhattan, and includes 432 Park Avenue, Metropolitan Tower, 737 Park Avenue, the General Motors Building and the flagship Apple Store in the GM Building’s Fifth Avenue Plaza.
We are primarily focused on the transformation of One Wall Street into a condominium building in the largest office to residential conversion in the history of New York City, and this comes as a result of the growth recorded within the residential market in Downtown Manhattan. Compass’ Q1 2021 report states that Downtown saw the most sales with a 29% market share with the highest average price of $2.4M, which also falls under the price range for luxury residences.
This not only indicates the increasing demand in luxury residences, but also indicates the increasing interest from HNWIs and UHNWIs internationally. The former Financial District of New York has seen substantial change in the years since 9/11, most notably in the relocation of major financial institutions to Midtown Manhattan and a three-fold increase in the residential population.
Over the last two decades and more than $30 billion in investments later, this historic district of the city has attracted a wealth of creative industries and in turn, a three-fold increase in its residential population, now offering historic and modern architecture, top-tier educational institutions, world-class shopping and restaurants, exceptional transportation infrastructure and 84 acres of the city’s best parks and waterfront access.
2. How did the real estate market in New York get affected by the COVID-19 pandemic?
The pandemic has halted investments across all markets, and New York was no different; however, the US real estate market is now focused on its race to recovery, now seeing rapid growth results, more than ever in Downtown Manhattan, as more buyers begin to recognize what the neighborhood has to offer.
3. Tell us about the features of the One Wall Street project and how is it a unique property for GCC buyers?
Investors and buyers from the GCC coming into the New York real estate market are looking for a prime location, an iconic landmark, and luxury services – and One Wall Street offers just that. Since the start of the year, we have received significant interest from GCC buyers, accounting to up to 15% of our registered database.
The popularity of higher education institutions in the US has always been and continues to be a big draw for students from the Middle East – 21% of students looking to study abroad went to the US in 2019, and we are expecting to see an increase in that percentage in the coming year, especially in New York, being home to some of the most prestigious educational institutions in the world.
One Wall Street also further highlights how the area is catering to this shift in population that’s been seen over the past decade. Situated at the intersection of two of New York’s most recognizable streets, Wall Street and Broadway, and in the prime position of central Downtown, One Wall Street provides an impressive offering to its residents – exclusive access to The One Club, offering full membership to LifeTime, a 75,000 square foot, four-storey, state-of-the-art athletic club with spa,wellness facilities , full-floor event and entertainment space on the 39th floor with a full service club restaurant and bar, personal storage spaces,. Also you have the 75’ pool on the 38th floor, plus a co-work business center, children’s and teen amenity spaces.
Luxury services are Important, we offer on-site concierge services. See separate fact sheet which lists the services and amenities.
4. What are the strategies implemented by Macklowe Properties to attract GCC buyers?
As part of our ongoing global sales and marketing strategy, we are focused on our conversations with international buyers as well as those from the GCC, who have long recognized NYC as a key market within the US. As interest from new buyers continue to emerging from that market, we are committed to driving interest to our most attractive properties, like One Wall Street, through communicating their unique offerings that resonate with the GCC buyers.
For more information, visit: https://onewallstreet.com/