56 Pine St

56 Pine Street

56 Pine is a designated landmark built by architect Oswald Wirz in 1893; known then as the Wallace Building, it initially served as a 12-story office building and is notable both for its Romanesque Revival architecture and historical significance. According to the plaque from the New York Landmarks Preservation Foundation, “It illustrates a phase of New York’s progression from small commercial structures to today’s mammoth office towers.” At the time, 56 Pine set a new height record for the area. The plaque also points out the building’s terra cotta facade, deep-set arched windows and Byzantine carvings along its stone columns, “including intricate foliate panels and fantastic heads.” These are further proclaimed to be some of the finest in the city and entail gargoyle sea serpents. 56 Pine was converted to condos in 2005 with 16 stories and carved up into smaller units. Michael Flatow, a broker with Corcoran, has been showing apartments here for the past decade and notes that some clients have been drawn to the building’s architecture, while others simply like the location. “It’s a good entry to the neighborhood. Most of the other condos [nearby] are higher end with more amenities,” he adds, as well as larger buildings. He points out how 56 Pine Street exudes a boutique feel but still provides features like a full-time door attendant. Studios and one-bedrooms comprise most of the 90 apartments and feature nine-foot ceilings, tall windows, HVAC units and hardwood floors. The conversion was nearly 20 years ago, so many apartments have since been renovated, but original features include kitchens with black cabinets and counters and all-white bathrooms with basic finishes and a shower-tub combo. Converting a historic building resulted in some quirks, like windows abutting the ceiling and windows in the shower. But the conversion also retained some notable features, like the terra cotta arches outside of windows facing Pine Street. Thanks in part to the building’s location on low-trafficked Pine, apartments are especially quiet. Units may lack washers and dryers, but there are small laundry rooms on each floor for seven units, so wait times aren’t a big issue. Studios start at 430 square feet; a recent one sold for $385,000. True one-bedrooms start around 600 square feet and $600,000; there are three penthouse apartments among the two bedrooms, but in general, two bedrooms are 1,100 square feet at most; the last sale of this size fetched $1 million. A full-time attendant presides over the small lobby, renovated about two years ago. Few original architectural details remain inside, although the elevator button panel looks pretty dated. Amenities are located on the second floor, recently repainted, which retains historic-like elements with its arched doorways and wainscotting. The large-windowed gym is spacious for a boutique building, and as such never gets crowded. The nearby library is underutilized, but residents sometimes take advantage of the cozy media room and adjoining lounge at the opposite end of the long hallway to get some work done. The 12-foot ceilings and massive windows allow plenty of light in both rooms, comfortably outfitted with couches and a fireplace, and the space is just as quiet as in the residences. There’s also a separate area outside of those rooms offering a pool table and catering kitchen; Flatow mentions that he’s seen small parties with strollers held there. Pine Street is basically an alley with a small number of businesses and continuous construction, but there are some shoutouts on the block. These include Michelin-starred Crown Shy for new American fare and 60 Pine Street, an event space across the way that’s both historic and haunted. But the surrounding streets of the Financial District are busier than they used to be. “The neighborhood has been changing for a while, and growing since the pandemic,” Flatow says. “It’s not just office buildings and deserted in the evening.” For example, the redeveloped Pier 17 nearby has reinvigorated South Street Seaport for locals, while cobblestoned Stone Street, lined with bars, now attracts more locals instead of just area employees and tourists. And a newish Whole Foods is just a five-minute walk away. “Almost every subway comes here,” Flatow says, starting with an entrance to the express 2, 3 lines directly across the street at the Wall Street stop. Nearby options include the J, Z at Broad Street and A, C, E at Fulton Street. There’s also the 4, 5 at a nearby Wall Street station and the R, W at Rector Street. FDR Drive is a few blocks east and provides easy access to the Brooklyn and Manhattan bridges or the Brooklyn-Battery Tunnel. A certain number of units are rentals, and short-term rentals are allowed as well.