The 25 Water St. in Manhattan's Financial District represents a historic shift as the largest office-to-residential conversion in the U.S., transforming a former banking operations hub into 1,300 apartments. This ambitious renovation comes after a $251 million purchase and a $536 million loan secured by developers Metro Loft, Rockwood Capital, and GFP Real Estate. The project's design features oversize windows and natural light, symbolizing a departure from the past, where the structure was seen as an efficient yet unattractive workspace, particularly after the shift in demand post-COVID-19.
The site and location possessed such great potential, making it a challenge worth undertaking, said Metro Loft founder Nathan Berman.
The 55-year-old structure was built to prioritize security and efficiency over aesthetics, making it an office worker's nightmare.
As the Financial District shifts away from its buttoned-up past, 25 Water St. has followed suit—especially five years following the onset of COVID-19.
Developers punched open the thick brick façade, replacing much of its intricate masonry with oversized windows, flooding the deep floor plates with natural light.
#real-estate #office-to-residential-conversion #urban-development #covid-19-impact #financial-district
Collection
[
|
...
]