An empty office building in Lower Manhattan will be filled with more than 1,300 apartments, making it the largest residential conversion project in the nation, according to its owners. The Daily News and JPMorgan Chase previously occupied the building at 25 Water St., but they left before the pandemic. The 22-story building’s offices have been demolished, courtyards have been created, and 10 further floors have been added under long-standing regulations that facilitate residential conversions in the Financial District.
The owners haven’t submitted the residential layout for final approval to the city’s Department of Buildings, but as long as the new design complies with zoning and building regulations, receiving city clearance is merely a formality in Lower Manhattan office conversions. Both Mayor Eric Adams and Governor Kathy Hochul assert that these conversions can boost the availability of homes in areas like Midtown and Flushing, Queens, but first the state must modify zoning regulations.
The state budget that is presently being debated by politicians in the state takes those modifications as well as a new office conversion tax incentive into account. According to architect Eugene Flotteron, whose business is creating the floor plans for 25 Water St., repurposing an office building is typically quicker than building a new one from the ground up. The units should be open in around two years, according to the developers. However, it is more difficult to convert water coolers and cubicles into beds and kitchens. It’s also not cheap. According to GFP Real Estate CEO Brian Steinwurtzel, the building’s owners GFP Real Estate and Metro Loft intend to scoop out two courtyards from its middle and encircle them with apartments. That will enable the structure to meet the needs for light and air.
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