Overview

The Hakimian Organization has teamed up with Peykar Brothers Realty and Gorjian Properties for their latest project, 75 Wall. This new collaboration differs from most new condo projects in the area in that it isn’t strictly condominium space. Hakimian has teamed up with Hyatt Hotels to make this a multipurpose destination for both homeowners and visitors. The collaboration is actually with Andaz, the new global luxury brand from Hyatt. London has the first and only Andaz hotel open at the moment (rooms run about $800 USD a night) but many more are in development, including one in Midtown being designed by Tony Chi. I took a look at the website and it looks like a boutique hotel similar to the W brand by Starwood.

The 43-story rose colored building once housed the downtown headquarters of JP Morgan Chase and is now broken up into several different sections. There will be 349 condominium residences on the upper half of the building and 251 Andaz hotel suites beneath it, all joined together by 30,000 square feet of common amenity space.

Interior design is by the Rockwell Group, a major Manhattan design firm that specializes in hospitality spaces. Recent projects include the Kodak Theatre in Hollywood and The Chambers Hotel here in Manhattan. Corcoran Sunshine will handle sales and marketing for the building.

Once the project is complete at the end of 2008, 75 Wall Street will be the largest residential and multi-use project south of Canal Street.

Units & Pricing

Since sales began in August 2007, units have been selling decently well with about half remaining. Currently there are 66 active listings and 4 in contract. Residential units start at the 18^th floor and go all the way up to the 41^st floor, so needless to say the views are pretty spectacular in that downtown sort of way. Available units range in price from $615,000 for a 445 square foot studio to $7.75M for 3,854 square foot four bedroom/4.5 bathroom. That will be an impressive penthouse sale when it eventually happens.

The sales center is located on the 31^st floor of the building and features a two bedroom and a studio apartment model, complete with furnishings and accessories. Everyone at the building was extremely helpful when we visited, from the construction workers to the sales staff. This was a welcome departure as some sales center reps can be very snooty.

A middle of the road two-bed/two-bath with the “O” floorplan is currently available for $1.68M. The 1,411 square foot unit faces south east onto Wall and Water Streets and has exceptional light with views of the East River and lower Manhattan. Ceiling heights are a respectable 10 feet and windows are a good 6 feet tall. Common charges are listed at $1,603 per month, and since this is a commercial to residential conversion, there is a nine year 421G tax abatement in place. This means residents have literally $0 in taxes for the next nine years, and after which it will go up 20% per year.

The one thing that I noticed during the sales tour that may be considered a downside to some buyers is that the kitchens are integrated within the living spaces of the units. Some people may prefer a bit of delineation between the two areas, but the design is done in a seamless and tasteful way. Even so, the kitchens are truly exhibition worthy with high end built-in appliances by Miele, Bosch, and Sub Zero, wood lacquer Boffi cabinets, and Mont Blanc stone counters.

Features & Amenities

As condominium owners will have access to all of the services of their hotel neighbor below, this property has more than the usual list of amenities at a typical high end new construction building.

Every condo owner will have access to the following Andaz perks on a la carte basis including room service, housekeeping, on site valet parking, valet laundry service, butler service, wake up calls, and private catered events.
Each of the residential units will have individual heat pump HVAC systems and a concealed stackable washer/dryer. The building features 24-hour doorman and concierge service, a dedicated bellhop for residents, refrigerated storage for Fresh Direct deliveries, bicycle storage, on site parking, and an extra laundry room with oversized machines.

In addition, there will be an exclusive amenity space called “Club 75,” also designed by Rockwell Group. The en suite health club is “Fit @ Club 75” and features cardio equipment, weight room, yoga/dance studio, and spa treatment room. “Play @ Club 75” refers to the common club room that can be used casually or reserved for special events; it includes an espresso bar, catering kitchen, billiards table, wifi access and plasma televisions. “Look @ Club 75” is a multi-media lounge that connects to the club room and can be reserved for special screenings/events. Not to be outdone, the roof also has a host of compelling features including a hot tub, bbq grills, hammocks, a solarium with a bar/lounge, an indoor/outdoor fireplace, and an actual sand “beach” with lounge chairs.

Location

Within walking distance of downtown landmarks such as the Stock Exchange, Battery Park, and the South Street Seaport, 75 Wall Street is one of many new residential buildings in this previously non-residential neighborhood. Another benefit to this location is that it is on the corner of Water Street, the only two-way street in lower Manhattan aside from West Street, making hailing a cab much easier than in some of the other areas down there.

And as we’ve mentioned many times on this site before, this area is definitely going through a revolution of sorts, and with all the new residential construction comes more stores and services, which is starting to trickle in as well. Also within walking distance are multiple subway lines, including the 2/3, J/M/Z, and 4/5 trains.

Investment Potential

75 Wall Street has a great deal to offer residents, with the host of amenities and services available on site, and the relatively reasonable prices (the aforementioned 2 bedroom unit comes in at $1,190 per square foot).

The abundance of studio and 1 bedroom units built shows that the developers had a different segment of the market in mind, catering towards globe-trotting foreigners looking for a cushy pied-a-terre and younger, single buyers rather than families. Plus if your relatives come in for an unexpected visit and you don’t want them cramping your style, you can always book them a hotel room a few floors below you. Investment potential is a solid B+.

This entry was posted on Saturday, March 8th, 2008 at 10:49 am and is filed under 75 Wall Street. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.