The real deal He analyzed the data to find all properties scheduled for such repairs. TRDAn analysis of modification permits filed between 2022 and 2023 revealed the five largest office-to-residential projects. Here’s a look.
25 Water Street
Following a ribbon-cutting in March for Harry McCloy’s One Wall Street building, 25 Water Street earned the title of the largest office-to-residential conversion in the country with proposals to alter more than 900,000 of the building’s 1.1 million square feet.
The 22-story office, formerly 4 New York Plaza, used to house the New York Daily News, American Media and JP Morgan Chase, all of which were vacated during the pandemic. Owners GFP Real Estate and Nathan Berman’s Metro Loft Management acquired the historic property for $250 million in December with plans to add 10 floors while gutting its interiors to allow for light and patio spaces.
Final rents of 1,200 units will range from studios to four-bedroom apartments, with a capacity of 50 units per floor. Some of these homes will offer 10-foot ceilings as well as windowless home offices.
160 Water Street
Gensler is the architecture firm behind this 487,000-square-foot conversion in the Financial District. Five floors will be added to the former 24-story office building, which will provide 586 rental units that will have access to a shared rooftop terrace, gym, co-working and dining spaces, bowling alley and spa.
The massive redesign and expansion is being funded by a $272.5 million loan from Brookfield Real Estate Financial Partners, which will also allow its developer, Vanbarton Group, to redesign the facade. Tenants are expected to arrive starting in September 2024.
55 Broad Street
Steps away from the construction site of lower Manhattan’s tallest residential tower at 45 Broad Street, Silverstein Properties and Metro Loft Management plan to convert the office building located at 55 Broad into a 571-rent-to-market.
The couple paid the Rodin family $172.5 million for the property in July, with the previous owner retaining a stake in the project. Permits filed in August cite 49 Broad Street as the site for construction of more than 400,000 square feet, adding six floors to the 30-story building.
Amenities will include a private clubhouse, gym, co-working spaces and a 45-foot rooftop pool with landscaped sundeck and BBQ area. Construction is expected to start this month.
650 First Avenue
Lalezarian Properties acquired this eight-story office building for $33.5 million on March 23, one day after the Department of Buildings gave it the go-ahead to bring housing to the Murray Hill property. The filings show that once complete, the building will include 23,000 square feet of commercial space and over 116,000 square feet of residential.
330 West 42nd Street
Downtown, solution Real Estate has big plans for a partial conversion of the McGraw-Hill building located at 330 West 42nd Street. Designated a city landmark in 1979, the 33-story Art Deco tower will convert more than 560,000 square feet into 224 rental units, ranging from studios to two bedrooms from the 12th to the 32nd floors.
But the dramatic $100 million renovation won’t lead to the cancellation of office contracts; Corporate tenants will continue to rent space on the lower floors. Previously, the owners spent $40 million removing unhistoric windows to restore the distinctive look of the space along one of the city’s major arteries.