Rendering courtesy of Streetsense
By Beata Lorincz | Multi-Housing News
In the heart of Manhattan’s Financial District, a former office building has undergone the most ambitious residential conversion in the country’s history to date. What used to be a 1.1 million-square-foot office structure at 25 Water St. has now become a 1,320-unit residential community known as SoMA.
For GFP Real Estate, one of the three developers behind this conversion—along with Metro Loft and Rockwood Capital—the decision to transform the building where The Daily News and JPMorgan Chase were once based was driven by data and demand.
“Office was no longer the best and highest use,” Brian Steinwurtzel, co-chief executive officer at GFP, told Multi-Housing News. “The project’s scale also made it possible to incorporate 100,000 square feet of lifestyle-driven amenities, a feature that helps SoMA stand out in New York’s competitive rental market.”
