56 Pine Street (Financial District)
56 Pine Street, New York, NY 10005
Financial District
BBL 1000417503 · BIN 1001009
- Year built
- 1894
- Type
- Condominium
- Landmark
- Designated
- Pets
- Pet friendly
- Subletting
- Permitted under the condominium rules, subject to building policy (to be confirmed at offer stage)
Every recorded sale at this building, 2005–2026
Price-per-square-foot over time, the line- and floor-premium curves, and every recorded sale.
- Median $/sf
- $847
- Listing discount
- 0.9%
- Recorded sales
- 223
- On record
- 2005–2026
56 Pine Street — The Cambridge Club, historically the Wallace Building — is one of the most architecturally significant residential conversions in the Financial District. Oscar Wirz designed it in 1894 for the developer James Wallace as an office tower, and it stands as one of the earliest high-rises of the New York skyscraper era, with a Romanesque Revival façade whose carved brick, stone, and terra-cotta ornament is among the finest of its kind downtown. The building is an individual New York City Landmark, is listed on the National Register of Historic Places, and contributes to the Wall Street Historic District. In 2005 it was converted to a residential condominium, giving the Financial District a genuinely landmark-quality home rather than a generic conversion.
For a buyer, 56 Pine Street is the historic conversion done with real architectural substance: a designated landmark façade, high ceilings, and the deep character of an 1894 building, paired with a modern service package — a doorman, a fitness center, and a full club floor — inside a true condominium. Its condominium structure — no co-op board approval, financing flexibility, and permitted subletting — is what separates it from the co-op stock and widens the buyer pool to investors and pied-à-terre purchasers as well as primary residents.
Architecture and unit composition
The building is Oscar Wirz's 1894 Wallace Building — a Romanesque Revival tower in brick, stone, and terra cotta, with colonnettes, deeply inset windows, rounded arches, and carved ornament that the city's landmark designation singles out as exceptional. Public records report the tower at somewhere between twelve and sixteen stories, a point worth confirming at diligence; when it was built it counted among the taller buildings in lower Manhattan. Its landmark status protects the façade and makes the building's architecture a permanent asset rather than a variable one.
The residences are predominantly studios and one-bedrooms, the mix that makes up most of the 90 apartments, with penthouse homes at the top of the stack. Homes carry high ceilings, hardwood floors, custom kitchens with stone counters, insulated windows, and — a legacy of the deep office floor plates — many windowed kitchens and baths. As with any conversion, floor and exposure drive the experience: higher floors and the better-exposed lines take more light over the narrow downtown streets, while lower units trade at a discount.
Building operations
The Cambridge Club runs as a full-service condominium — a full-time doorman and concierge, a live-in resident superintendent, a fitness center, laundry on every residential floor, and a bike room, anchored by a full club/social floor with a media lounge, a library, a billiards and game room, and an event room. The building is pet friendly. There is no roof deck or on-site garage; the amenity set is built around the club floor and the fitness center rather than outdoor space. As a condominium, purchases follow standard condo mechanics rather than a co-op board's approval process, and subletting is permitted under the condominium rules subject to building policy — worth confirming at offer stage.
Local Law 97
- 2024–2029 annual penalty
- $18,653/yr
- 2030–2034 annual penalty
- $77,126/yr
- Per unit / month range
- $17 – $71
Facade safety — Local Law 11
The latest available FISP filing classified the facade as Safe — no repairs were required at that inspection. Facade inspections run on a fixed five-year cycle; future inspection, repair, and any assessment decisions remain building-specific.
QEWI = Qualified Exterior Wall Inspector — the licensed engineer the city requires to sign the report (the independent expert, not the managing agent). Source: NYC DOB facade filings (FISP) · The Roebling Research Library.
See the full facade history →Recent sales
Recent closings at this building, curated by The Roebling Team research desk. Apartment-level facts are independently verified before publishing; sale prices reflect the recorded transfer amount at the NYC Department of Finance.
| Date | Unit | Apartment | Price | PPSF | vs. Ask |
|---|---|---|---|---|---|
| Jun 23, 2026 | 8B | 1 BR · 1 BA · 706 sf | $580,000 | $822/sf | -2.5% |
| May 7, 2026 | 11A | 1 BR · 1 BA · 756 sf | $555,000 | $734/sf | -7.3% |
| Mar 25, 2026 | 11E | 1 BA · 440 sf | $388,000 | $882/sf | -7.6% |
| Mar 18, 2026 | 3B | 2 BR · 2 BA · 1,140 sf | $840,000 | $737/sf | -1.1% |
| Oct 30, 2025 | 12E | 1 BR · 1 BA · 776 sf | $499,000 | $643/sf | -9.2% |
| Sep 26, 2025 | 4C | 1 BR · 1 BA · 770 sf | $540,000 | $701/sf | -6.1% |
| Jun 27, 2025 | 6A | 1 BR · 756 sf | $610,000 | $807/sf | off-mkt |
| Jun 23, 2025 | 15C | 1 BA · 407 sf | $392,500 | $964/sf | -1.9% |
Market read. Most recent trades (2026) cleared a median $847/sf across 4 sales. Median listing discount 0.9% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.
The retrade record
Lines that have traded more than once in the public record — the building’s appreciation arc, apartment by apartment.
Full closing history with price-per-square-foot over time, the complete retrade record, and every line that has traded.
Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00041-7503) and verified listing data. Apartment-level facts (line, condition, asking-price context) curated and cross-verified by The Roebling Team research desk. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage from recorded condo declarations and offering plans.
What to know if you’re buying
This is a condominium, so a purchase runs on standard condo mechanics rather than a co-op board package and interview — a meaningful practical advantage for buyers who want speed, financing flexibility, or the ability to rent. The pet-friendly rules and the permitted subletting add to the flexibility, though buyers who plan to rent should confirm the building's current subletting policy at offer stage.
The most important on-site distinctions are floor and exposure. The higher floors with strong light over the narrow downtown streets are the ones that hold value best; lower units are the value entry point. The building's landmark architecture and its club floor and fitness center are genuine differentiators in the Financial District conversion market. The location is a genuine asset — steps from the Wall Street 2/3 station and walkable to the 4/5, J/Z, A/C, R/W, and 1 lines, the Stone Street dining district, South Street Seaport, and the East River waterfront. Comparable analysis belongs against Financial District conversion condominiums.
What to know if you’re selling
Landmark architecture and condo flexibility are the marketing core. A designated 1894 landmark façade, a club floor and fitness center, and true condominium ownership with permitted subletting are a distinctive story to tell, and they genuinely broaden the buyer pool — investors, pied-à-terre buyers, and primary residents all qualify.
Benchmark within the building and against FiDi conversion condos. With regular in-building turnover, recent comparable sales here are the first reference point; floor, light, exposure, and renovation status determine where a unit lands, on a dollars-per-square-foot basis.
Light, ceilings, and the amenity floor are the on-site differentiators. High-floor homes with strong exposures should anchor positioning; the club floor and fitness center are amenities worth foregrounding, alongside the building's landmark pedigree.
Closing timelines are condo-fast. With no board package or interview, a well-prepared condo sale moves efficiently from contract to closing — we manage that process end to end.
Comparable buildings
If you're considering 56 Pine Street, also evaluate nearby Financial District conversion condominiums:
- 63 Wall Street — landmark office-to-residential conversion
- 20 Pine Street (The Collection) — full-service FiDi conversion condominium
- 15 Broad Street (Downtown by Starck) — landmark conversion condominium
- 67 Wall Street — FiDi conversion condominium
- 25 Broad Street — landmark FiDi condominium
The neighborhood
For the full corridor — architecture, schools, transit, and pricing across Financial District — read The Roebling Team Guide to Financial District.
Considering a move at The Cambridge Club?
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Own an apartment here? See what it would sell for.
A Private Pricing Opinion — what your apartment at The Cambridge Club would likely sell for today, what it costs to sell, and what you’d walk away with — reviewed personally against condition, exposures, renovation quality, and the competition actually on the market.