Historical Roots in FiDi – 3 Hanover Square

By Linecity, April 13, 2022

3 Hanover Square is a prewar co-op with a historical pedigree located just south of Wall Street in lower Manhattan. It is just one of a handful of residential co-ops in the Financial District (FiDi) and has been a favorite among locals since being repurposed to residential use in the mid 1980s.

The storied limestone building, located at the northwest corner of Pearl Street and William Street, opened in 1923 as the resplendent home to the New York Cotton Exchange. It was designed by architect Donn Barber in a neoclassicism style of architecture.  The building’s most distinctive feature is straight up; the top portion of the building with its ionic columns reminds one of the ancient temples of Greece.

Given its historical roots, the unique designs of the individual apartments and the value proposition of a purchase here, we proudly add 3 Hanover Square as the newest edition to our “Buildings We Love” series.

In its original configuration, Barber placed the trading floor of the exchange at the top of the building.  The trading floor, the finest in the world when designed, enjoyed views across the East River and south toward the Statue of Liberty.  Today, the original trading floor, with its huge windows and vaulted ceilings is long gone and three floors of apartments comprise floors 21 through 23.  The penthouse apartments, as they are called, surround an open air atrium, once the center pit of the trading floor.  In total the building has about 200 apartments, including some duplex residences on the lower floors and some combination units scattered about the property.

At street level, the building enjoys an unusual perk; the front door of the building opens on to a public park.  The triangular shaped Queen Elizabeth II Garden commemorates the 67 British citizens who lost their lives during the World Trade Center attack.  The park’s design is a deep sentimental journey with each element designed to remember the great loss while symbolizing the everlasting friendship between Great Britain and the United States.  A bird’s eye view reveals that the park is shaped like the British Isles.  Since its original dedication in 2005, the park has been frequented by a host of royals, including Queen Elizabeth II, the late Prince Phillip, Prince Charles and Prince Harry.

3 Hanover Square was converted to co-operative ownership in 1984 representing the first major downtown building to be repurposed to residential use. Since that time, a multitude of historical buildings in FiDi have been converted to apartment living.   While the transformation of the Financial District from a commercial destination to a mixed community took several decades, FiDi today is a favored neighborhood for singles and families alike.

As previously noted, apartments here are unique. Solid proportions, tall beamed ceilings, and atypical shapes and sizes create enticing spaces. The apartment mix includes studio and loft-style one, two and three bedroom residences.  Apartments on the east side of the building have partial river views.

3 Hanover Square provides a full-time concierge and a resident superintendent. Pets are permitted for owners.  Pieds-a-terres are allowed.  Sublets are few and must be approved by the co-op board. 

The co-op does not have many amenities.  But it does have large common storage rooms throughout the property and laundry rooms on every third floor.  There are some apartments with individual washers/dryers but these units are grandfathered.

3 Hanover Square is located two short blocks south of Wall Street and sits just off Stone Street, one of downtown’s favorite after hours destinations.  Stone Street is a cobblestoned street with its own historical significance. The street is closed to vehicular traffic and open to outside dining.  The East River is one block to the east and the Hudson River is an easy walk west.  Because the building is located close to the tip of lower Manhattan, there are major subway lines heading in pretty much every direction (J, M, R, W, 1, 2, 3, 4, and 5 trains).

The retail stores that wrap around the building are owned by the co-op.  There are eight stores in total, most of which are food options.

Relative to new condominiums in the area, 3 Hanover Square represents good value for potential homeowners.  Current availabilities include studios starting at $399,000, one-bedrooms from $850,000 and a renovated two bedroom now asking $1,500,000.  Typical closed sales prices range from $750 to $1,000 per square foot.

To learn more about 3 Hanover Square, please visit Linecity.

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