H
arry Macklowe's $2 billion-plus condo conversion of One Wall Street has been a retail boon for FiDi, but its slow apartment sales are a different story. Since sales began in late 2021, only 112 out of 566 apartments have sold, with most deals closing in the $800,000 to $2 million range. The total value of these sales is around $230 million, representing just 14% of the projected $1.7 billion sellout.

    Macklowe's team claims that sales are picking up, citing 12 contracts signed in the last eight weeks and four more currently pending. However, industry experts remain skeptical, pointing to the limited number of sales above the $2 million threshold and significant discounts from asking prices as evidence that pricing is out of touch with market demand.

    The area below Chambers Street has a surplus of unsold condos, including thousands in brand-new buildings like 125 Greenwich St. The median price for FiDi and Battery Park City condos has also dropped significantly, from $1.275 million to $985,000 over the past year.

    Interestingly, more than half of One Wall Street's buyers appear to be foreign-based investors, with some units already being rented out. Despite these challenges, Macklowe remains optimistic, having successfully navigated previous financial setbacks and lawsuits.