Construction is moving along quickly for two new towers on City Hall Park. The park is one of just three major public outdoor areas in the Financial District, making any development around it particularly important. The buildings photographed for this article are 25 Park Row and 1 Beekman Street, which will add a combined 142 new condominiums and nearly 67,000 square feet of commercial space to the neighborhood.
We last covered 1 Beekman Street in December of 2016, when demolition had just finished up, and foundation work was starting. Now, over a year later, construction has reached the 17th floor, out of a total 25. Floors six through eight have seen partial installation of glass windows, providing a glimpse of how the building will soon fit in with its historical neighbors.
The 299-foot tall structure will yield 95,290 square feet within, with 14,580 square feet dedicated to commercial use. There will be one floor of retail and three floors of offices. The remaining space will be occupied by 31 condominiums.
Rogers Stirk Harbour + Partners is responsible for the design, with SLCE Architects serving as the executive architect. Completion is expected within the year, and Urban Muse is leading the development.
25 Park Row will be a larger addition to the neighborhood. The mixed-use tower will eventually rise up 45 floors. Construction is on the third floor now, leaving a lot to be seen. The building will eventually extend 701 feet above ground, yielding 210,000 square feet of residential space, and 52,000 square feet of commercial space stretching across four floors.
110 condominiums will be added to the neighborhood, averaging nearly 2,000 square feet apiece. COOKFOX is responsible for the design, and L&M Development Partners is developing along with the J&R Music Store founders. The developers expect completion in 2020.
Another project coming to the park will be at 1 Park Row, which will be designed by Fogarty Finger Architects, and developed by Guarding Realty Management. Demolition permits were filed in October of last year. The project follows the trend of extensive new commercial spaces, with 21,500 square feet dedicated to retail, occupying the first four floors.
All three of these new buildings, once complete, will transform the Park Row thoroughfare into a major shopping destination. The neighborhood is already heavily trafficked by tourists, suggesting a strong appetite for new retail. This looks to be part of a larger trend of Downtown’s effort to revitalize and compete with Midtown.