121-unit conversion planned for 2 Wall Street in FiDi
2 Wall Street (Credit - Cyclomedia)
The property manager of 2 Wall Street submitted a major alteration application for a conversion of the upper floors of the commercial (COM) building located in the Financial District, Manhattan to 121 residential apartments. The plan was filed with the New York City Department of Buildings on October 25, 2024 under job number M01075912. It calls for a rehab of the 21-story building, built in 1932.
The project is described in the filing as: alteration filed for the partial conversion of commercial building to a mixed-use building. Residential conversion proposed on the eighth thru 21st floors only. Refer to comments for additional information. Rachel Wooten Barley of Newmark filed the plans.
This project continues a trend of office-to-residential conversion plans filed with the city in the past two years.
Patrick Hotung, an heir to a well-known Hong Kong family, is president of Aegis Asset Management, and is the long-time owner of the property through the entity Fieldstone Capital, which acquired the building in 1996 $13.7 million, according to a PincusCo analysis of transfer tax payments. It is unclear if Hotung retains an interest in the building. Hotung sold 37 West 57th Street for $77.5 million in April 2023.
Patrick Hotung is president of Aegis, and is the grandson of the late Edward Sai Kim Hotung, a founder of the Gold and Silver Exchange in Hong Kong, and a great-grandson of the late Sir Robert Ho Tung of Hong Kong, a financier and philanthropist, according to the New York Times on wedding of his sister Ann. His father was Sir Joseph Edward Hotung. His siblings are Joseph, Ann and Ellen.
Fieldstone Capital sold a stake of the building in a $25 million sale on September 30, 2024. There were no reported taxes, implying that the sale was less than 50 percent. The buyer was 2 Wall Street Property LLC in the care of Sullivan & Cromwell attorney Bachir Karam.
2 Wall Street
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Sub-Cellar - 3 | VAULT AND BANK SERVICE | Business and Service | 30 | Business | VI (Service) | |
| 2 | Sub-Cellar - 2 | VAULT AND BANK SERVICES | Business and Service | 30 | Business | VI (Service) | |
| 3 | Sub-Cellar - 1 | BANK SERVICE | Business and Service | 20 | Business | VI (Service) | |
| 4 | Cellar | RECORDS AND STORAGE | Storage of non combustible Materials | 75 | Storage | VI (Service) | |
| 5 | 1 | BANK | Business and Service | 75 | Business | VI (Service) | |
| 6 | Mezzanine - 1 | BANK | Business and Service | 30 | Business | VI (Service) | |
| 7 | 2 | BANK | Business and Service | 80 | Business | VI (Service) | |
| 8 | Mezzanine - 2 | BANK | Business and Service | 30 | Business | VI (Service) | |
| 9 | 3 | BANK AND OFFICES | Business and Service | 80 | Business | VII | |
| 10 | Mezzanine - 3 | PASSAGE AND MACHINERY | Business and Service | 0 | Business | VI (Service) | |
| 11 | 4 | BANK AND OFFICES | Business and Service | 80 | Business | VII | |
| 12 | 5 | BANK AND OFFICES | Business and Service | 80 | Business | VII | |
| 13 | 6 | OFFICES | Business and Service | 80 | Business | VII | |
| 14 | 7 | OFFICES | Business and Service | 80 | Business | VII | |
| 15 | 8 | SIX (6) CLASS A APARTMENTS | Apartment | 0 | Residential | II | 6 |
| 16 | 8 | CO-WORKING SPACE, GAME ROOM, GRAB & GO ACCESSORY TO RESIDENTIAL | Apartment | 21 | Residential | II | |
| 17 | 8 | MEP ROOMS | Mechanical and/or electrical equipment room | 2 | Factory and Industrial | VII | |
| 18 | 9 | SIX (6) CLASS A APARTMENTS | Apartment | 0 | Residential | II | 6 |
| 19 | 9 | LOUNGE AND PANTRY ACCESSORY TO RESIDENTIAL | Apartment | 9 | Residential | II | |
| 20 | 9 | COURTYARD ACCESSORY TO RESIDENTIAL | Apartment | 10 | Residential | II | |
| 21 | 9 | ELEVATOR MACHINE ROOM AND MEP ROOMS | Mechanical and/or electrical equipment room | 4 | Factory and Industrial | II | |
| 22 | 10 | TEN (10) CLASS A APARTMENTS | Apartment | 0 | Residential | II | 10 |
| 23 | 10 | MEP ROOMS | Mechanical and/or electrical equipment room | 2 | Factory and Industrial | II | |
| 24 | 11 | MEP ROOMS | Mechanical and/or electrical equipment room | 2 | Factory and Industrial | II | |
| 25 | 11 | TEN (10) CLASS A APARTMENTS | Apartment | 0 | Residential | II | 10 |
The property
The office building in Financial District has 173,159 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 114 feet and is 72 feet deep with a total lot size of 8,615 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $33.1 million.
Prior sales and revenue
The 173,159-square-foot property generated revenue of $9.1 million or $52 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has received $225 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 3rd highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 13.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 839,749 square feet of the 1,377,298 square feet. The identified owner is Alexander Rovt. There are no active new building construction projects on this tax block.
The surrounding
Within a 400-foot radius of 94 Broadway, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, three were loans above $5 million totaling $875.3 million. The most recent of the three was Alexander Rovt in which borrowed $145 million from AR Beta LLC secured by the 839,749-square-foot, 71-unit office building (O4) on 14 Wall Street on October 7, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.