One Wall Street Sees Slow Sales Despite Market Presence
Fewer than 25% of apartments listed since 2021 have sold, with a new pied-à-terre tax unlikely to significantly impact the property.
Despite being on the market since 2021, Harry Macklowe's One Wall Street development has seen a low rate of completed sales, with many units remaining unsold. Official records indicate that out of approximately 566 apartments listed, only 137 sales have been finalized, representing just under 25% of the available inventory.
The most recent recorded transaction for a unit at the building occurred on September 21, when Warren and Nora Lee Huang purchased a property for $3.545 million. While other reports have suggested higher numbers of sales, these figures often include deals that were in contract but not yet completed.
The recent implementation of a state surcharge on pied-à-terre apartments valued at $5 million or more is unlikely to provide a substantial boost to sales at One Wall Street. The majority of units in the building are priced below this $5 million threshold, suggesting the new tax will have a limited effect on the property's market performance.