Transactions - MAY 22, 2014

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Three NYC properties sell in two separate deals for $1.3b

by Andrea Waitrovich

BNY Mellon has sold One Wall Street, an office building in lower Manhattan, for $585 million to a joint venture led by Macklowe Properties. The sale was brokered by CBRE. The sale is expected to be completed in third quarter 2014, subject to customary closing conditions. 

BNY Mellon has occupied the 50-story, 1.1 million-square-foot building since 1989, when The Bank of New York acquired the Irving Trust Co. The company’s headquarters moved from 48 Wall Street to One Wall Street in 1998. The original lot was purchased by the Irving Trust in 1927 for $14.5 million and construction was completed in March 1931. The building, considered one of New York City’s landmark Art Deco skyscrapers, was designed by architects Voorhees, Gmelin and Walker. Maine granite was used for the base, and

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