Fidi Fossil To Flip Into 382 Apartments At 40 Exchange Place

"Plans are underway to convert 40 Exchange Place, a 20-story office building at the corner of Exchange Place and William Street in the Financial District, into 382 rental apartments. The development will include a mix of market-rate and affordable units, along with ground-floor retail space and amenities for residents. According to a Newmark press release, Derby Lane has provided $191.5 million in construction financing, arranged by Newmark, to support GFP Real Estate's office-to-residential conversion at 40 Exchange Place."

"City filings show GFP has submitted a major alteration application for the project. Reporting from PincusCo notes that job number M01233357 was filed in July 2025 and that related refinance activity closed at the end of January. The developer also plans to use federal and state historic rehabilitation tax credits, along with New York's 467-m conversion incentive, which can deliver a long-term abatement on property taxes, according to the City of New York."

"The building was designed by John Townsend Williams in the Classical Revival style and completed in 1893, and it has housed offices for generations. New York YIMBY notes that GFP acquired the property from Weiss Realty in 2015 for about $115.5 million, and that Northwind Group, an early partner, sold its stake in 2018 while later providing financing to the project."

40 Exchange Place, a 20-story Classical Revival office building completed in 1893, is planned for conversion into 382 rental apartments. The program will include a mix of market-rate and affordable units, ground-floor retail space, and resident amenities. Derby Lane has provided $191.5 million in construction financing arranged by Newmark to fund the reuse of upper floors for multifamily housing. GFP Real Estate submitted a major alteration application and filed job number M01233357 in July 2025, with related refinance activity closing at the end of January. The project will use federal and state historic rehabilitation tax credits and New York's 467-m conversion incentive. GFP acquired the property in 2015 and previously partnered with Northwind Group.

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