THE PLAN

23 wall street
03
Due to the unique nature of Broad Street, with its downward slope, no part of the property sits at grade. “We have a concourse or an English basement that’s a little below grade,” Mr. Lerner said. “Then we have a ground [level] that’s a little above grade.” Located below the concourse is the original safe owned by J.P. Morgan, described by Mr. Lerner as “the biggest safe you could possibly imagine.” The safe itself could be reimagined as a possible restaurant space, as a potential chef’s table or wine cellar, or even as a data center space for a hedge fund.

The former J.P. Morgan headquarters at 23 Wall Street continues to be a hard sell. For nearly seven years, the property, which has been marketed to retailers and restaurants, has remained vacant. Complicated by its location—across from the New York Stock Exchange—and its poor loading facilities, the property, along with the connected 35 Wall Street and 15 Broad Street, has drawn interest but no commitments. Originally marketing the property specifically toward retail, the Cushman & Wakefield brokerage team has begun to open up to the possibility of entertainment or financial services firms. Joanne Podell, executive vice president, and Ian Lerner, senior associate, spoke with The Commercial Observer last week about the unique challenges and possibilities the properties present. 01
Though interest in the property has been robust, the property is hampered by its lack of a dedicated loading dock, for which a solution is currently being sought. “We’re going to have to squeeze in another [loading dock] there, and it’s either that or we’re going to have to actually engineer a loading dock so some kind of structure can drop down and we can unload on the lower level,” Ms. Podell said.

05

The concourse level features a potential office space facing out toward Broad Street, with an open, soaring ceiling. “You could fill it in with glass and have people walk on top if you wanted,” Mr. Lerner noted.

04

02

Currently, the plan is to divide the space for multiple users. “It’s going to be hard to get the traffic flow for a customer to come in off of Wall or Broad and walk the entire space,” Ms. Podell noted. “So, I’m looking at it now as likely two—potentially three—divisions, and those are the most efficient.”

01

02

Ground Floor

04

05

Concourse

03

34 | JUNE 4, 2013  | THE COMMERCIAL OBSERVER

Sign up to vote on this title
UsefulNot useful