25 Water Street Update 11/08/22

Manhattan Office Tower Trades for $250M

A 22-story, Class-A commercial building, located at 25 Water Street (formerly 4 New York Plaza) in Manhattan's Financial District, has just been sold for $250 million. The structure was jointly acquired by GFP Real Estate, Metroloft Management, and Rockwood Capital from the previous owner, Edge Funds, in a deal brokered by Newmark Group.

Originally constructed in 1969, the foot tall,  square foot building was designed by Carson Lundin & Shaw. It contains  square feet of office space, offered in a variety of configurations. It has flexible floor plans and 50,000 square-foot floorplates that allow for up to 330 desks per floor.

Additionally, there is square feet of retail space, located in the lobby, an employee cafeteria, and an enclosed parking garage, with enough room for 43 vehicles.

25 Water Street also boasts several safeguards that make it a great option for companies that operate large data servers. According to Edge Funds, "The property boasts superior infrastructure including abundant electrical power and emergency backup systems for base building systems and tenants’ mission-critical operations." This may explain why JP Morgan Chase is one of the building's largest tenants.

But despite being a seemingly perfect building to cater to a variety of professional applications, GFP, Metroloft, and Rockwood may take things in another direction. There are reports that a plan is on the horizon to convert the entire building into a residential development. The ownership partners are currently negotiating with MSD Partners to obtain a $500 million loan that would ultimately bring 1,200 rental apartments to 25 Water Street.

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