25 Water Street Update 07/11/23

Interior Demo Begins for Largest Residential Conversion in US History

Interior demolition has kicked off at 25 Water Street (formerly 4 New York Plaza) in Manhattan's Financial District, ahead of a massive renovation project that will convert the former 22-story, Class-A office building, into a fully residential development.

Jointly developed by GFP Real EstateMetroloft Management, and Rockwood Capital, the converted building will feature approximately 1,300 residential units. These will be offered in a variety of configurations, ranging from studios to four bedrooms. Tenant amenities are to include a fitness center with a basketball court and sports simulators, a steam room + a sauna, and swimming pools, located both outside and indoors. The building will also feature a sky lounge, a landscaped roof terrace, multiple entertainment spaces, and dedicated coworking areas.

The project represents the largest commercial-to-residential property conversion in United States history, and the developers have the capital to back it. In December of 2022, MSD Partners and Apollo Global Management. joined forces to supply a $535.8 million construction loan that will see the job to completion.

Originally constructed in 1969, the 321-foot tall, 1,096,193-square-foot building was designed by Carson Lundin & Shaw. It previously contained 989,155 square feet of office space, with 40,330 square-foot floorplates. These expansive floor plates are one of the main reasons the structure was chosen for a residential conversion. Highlights of the upcoming project are to include a 10-story, vertical expansion, a full facade replacement (which will add more (and larger) windows), and the creation of 2-interior courtyards, which will supply light to inner apartments.

CetraRuddy is leading design efforts as the renovation architect, and Pavarini McGovern is serving as the project's general contractor. Work is expected to take approximately 2.5 years, with an estimated completion date of November 2025.

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