Cipriani Club Residences

The midrise was granted landmark status by the city and country

In 1965, over three decades before its conversion, the building was designated a New York City landmark. And in the ’70s, it earned national landmark status, plus it was added to the National Register of Historic Places. The building’s Greek Revival architecture is certainly worthy of such recognition (and protection). Although it’s only nine stories tall, the midrise has an imposing presence along Wall Street, mainly thanks to the massive columns fronting the first two levels. The ground-level columns are original to the building and were done in an Ionic style with curved motif caps, whereas the second-story columns were added in the early 1900s and feature ornate, Corinthian-style caps. The columns are impressive even to those who wouldn’t know the difference — passersby often stop to admire the building. Each one was carved from a single block of granite, the final result rising nearly 30 feet and weighing over 33 tons. “It’s kind of a surreal building to look at because it’s so large and grand. The architecture is quite stunning,” says Christina Kremidas, associate real estate broker at Douglas Elliman. “And the marble lobby is no different. It’s an ode to old New York.”

Cipriani’s departure left residents with fewer amenities, but service is excellent

Residents no longer have Cipriani’s old amenities, but some perks remain. Previously, residents were treated to breakfast at the Cipriani restaurant. While the establishment is no longer present, “they still serve complimentary breakfast in the lobby for residents, which is a really nice touch,” Kremidas says, explaining that the staff uses the ballroom’s kitchen to prepare food. “And this is a white-glove building,” she continues. “You have a 24/7 doorman and concierge offering high-end service. There’s housekeeping available through the building, which you pay for separately, but the pricing is attractive.” Residents will also find a furnished roof deck and a two-story gym within the condominium.

Many owners have done partial renovations, keeping the storied bathrooms in tact

Over 100 units are present, and most of them are studios or one-bedrooms. But according to Kremidas, they’re spacious. “Many are oversized. You might get a one-bedroom that’s almost 1,200 square feet. They were created with the idea of luxury and grandeur, so they’re much larger than your typical residence.” Kremidas also shares that many primary bedrooms include walk-in closets or dressing rooms, but it’s the en-suite bathrooms that really wow. “They’re very luxurious. They’re the most notable part of the apartments, and people keep them because they’re worth holding on to. The green marble in the bathrooms comes from the same marble that’s used in the Cipriani spaces downstairs. And they have really big, wooden vanities. It all feels very regal.” While most owners have opted to keep the bathrooms in-tact, most have renovated their kitchen to include luxury appliances and custom cabinetry.

Kremidas shares that, historically, owners at 55 Wall Street have bought in cash, thereby significantly limiting the buyer pool. But since Cipriani moved their restaurant and social club out of the building, prices have dropped. Studios previously went for upwards of $985,000, but one recently sold for only $500,000. One-bedroom apartments are currently listed between $675,000 and $1.22 million, while prices for two-bedrooms recently ranged from $957,000 to $1.99 million. Larger apartments are limited and rarely available, but a three-bedroom sold for nearly $2.1 million in early 2024.

A growing nightlife and dining scene, plus proximity to numerous subways

Cipriani may have moved its restaurant and club out of 55 Wall Street, but plenty of other businesses have moved into the neighborhood. “The Financial District has been transitioning to become more residential,” Kremidas says. “There’s so much going on down in that area, it feels endless. Residents are on an iconic street that’s filled with history and designer shopping, and they can easily get to South Street Seaport, which has more shops, a rooftop concert hall and restaurants and the Tin Building from celebrity chef Jean-Georges Vongerichten.” In the other direction, there’s shopping at the Oculus and Brookfield Place and live shows at The Perelman Performing Arts Center, plus Battery Park to the south. “Buyers at 55 Wall Street typically want a more elevated atmosphere, and this area definitely has that now,” Kremidas says. Accessing the rest of the city is convenient since the Wall Street subway station, serviced by the 2 and 3 trains, is right outside the building. Nearly 10 additional trains are available within walking distance, and the Pier 11/Wall Street ferry is less than a half-mile east of the condominium. For drivers, FDR Drive, the West Side Highway and the Brooklyn-Battery Tunnel are nearby.