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Ever since the doors of hotels and office buildings were even fully closed at the height of the pandemic, there have been discussions of converting the unused space to much-needed housing. Since then, hard data has emerged to show that action was taken on that front: A new study from RentCafe found that office-to-residential conversions went up 43% from 2020 to 2021. Indeed, residential conversions across the country are up 25% from pre-pandemic numbers, and adaptive reuse apartments are growing faster than new construction apartments.

New York was the seventh-most prolific city mentioned in the study, and the trend is particularly pronounced in the Financial District, where a number of empty offices have been converted to residential use. The Fulton Street transportation hub and Pier 11 ferry stop allow for easy access to almost every part of New York. However, between shopping destinations like Westfield World Trade Center and Brookfield Place, a resurgent dining and nightlife scene, and the transformed Seaport, there is plenty to offer close to home. It shows in prices; CityRealty listings put the local median rent at $5,047/month.
converted apartments (RentCafe)
The residence conversion trend shows no sign of slowing down. Earlier this week, The Real Deal reported on GFP Real Estate, Metroloft and Rockwood Capital's plans to turn the office building at 25 Water Street (also known as 4 New York Plaza) into a 1,200-unit rental building, which would make it the city's largest office-to-residential conversion yet. JPMorgan was once the building's anchor tenant, but is consolidating operations at its new tower at 270 Park Avenue.
Financing negotiations for 25 Water Street are still in the works, and JPMorgan's lease in the building expires in January 2025. In the meantime, a joint venture between Silverstein Properties and Metro Loft are in contract to buy the Emery Roth-designed 55 Broad Street from Rubin Management for $180 million with the intention of converting it to 571 market-rate apartments. The conversion is expected to take place over the next three to four years. In the meantime, we take a look at onetime office buildings that have become amenity-rich rentals with high-end apartments and historic architecture.

Completed: 1890s | Converted: 1998
Total Floors: 23 | Total Apartments: 237

12 availabilities from $3,895/month

$1,000 security deposit on select units

71-Broadway-01 71 Broadway (Equity Residential)
Financial District rentals
Downtown rentals
In the decades since 71 Broadway was constructed, it has been designated a New York City Landmark and added to the National Register of Historic Places. Its historic facade is underscored by a cogen energy system, and all units feature high ceilings, crown molding, parquet wood flooring, upgraded kitchens with stainless steel appliances, and remodeled baths.

71 Broadway offers direct access to the 4/5 trains, and there is a UPS store, Bean & Bean cafe, and Biscuits and Bath dog day care center on site. Residential amenities include an attended lobby, concierge and valet services, a fitness center, a clubhouse lounge and a rooftop terrace with grilling stations and skyline views.

Completed: 1969 | Converted: 2005
Total Floors: 22 | Total Apartments: 493

16 availabilities from $3,542/month

$1,000 security deposit

10-Hanover-Square-01 10 Hanover Square (UDR)
Lower Manhattan rentals
NYC rentals
Following the death of founder Emery Roth, his eponymous firm was renamed Emery Roth and Sons and specialized in office towers. Among them was 10 Hanover Square, which is distinguished by its white piers and bronze-colored windows. The apartments inside feature expansive views, kitchens with quartz countertops and stainless steel appliances, and generous closet space. Amenities include attended lobby, fitness center, business center, children's playroom, lounge with catering kitchen, and roof deck with grills.

Completed: 1931 | Converted: 2008
Total Floors: 57 | Total Apartments: 736

14 availabilities from $3,310/month

One month OP

20-Exchange-Place-01 Twenty Exchange (Rose Associates)
NYC rentals
Downtown rentals
When the Cross & Cross-designed Twenty Exchange was completed in 1931, it was the fourth-tallest building in the world. Today, residents are able to live in a New York City Landmark boasting modern décor, 11’ ceilings, oversized windows, ample storage space, granite-countered kitchens, and marble baths. Amenities include an attended lobby, valet and concierge service, a fitness center with Peloton bikes, co-working spaces, a residents' lounge with billiards tables, a children's playroom, and a landscaped sun deck with gas grills and lounge areas.

Completed: 1971 | Converted: 2016
Total Floors: 29 | Total Apartments: 601

15 availabilities from $3,071/month

One month free rent on a 12-month lease

180-Water-Street-01 180 Water Street (Douglas Elliman)
Financial District rentals
FiDi rentals
With CetraRuddy at the helm, 180 Water Street has gone from a full-block office building to an in-demand residence with condo-caliber apartments. A rooftop pool with skyline views is the building's crowning glory, and additional amenity offerings include a dramatic lobby, concierge service, fitness center and yoga studio, entertaining kitchen and dining room, lounge, and gaming area.

Completed: 1932 | Converted: 2016
Total Floors: 66 | Total Apartments: 644

25 availabilities from $3,436/month

One month OP on two-bedrooms

70-Pine-Street-01 70 Pine Street (Rose Associates)
Financial District rentals
FiDi rentals
In 1932, Art Deco tower 70 Pine Street was constructed as the headquarters of the Cities Services Company, and was later known as the AIG Building in honor of its anchor tenant. AIG sold the building in the years following the Great Recession, and it is now one of the most amenity-rich rentals in the Financial District; offerings include a 22,000-square-foot Elite Club run by New York Sports Club, golf simulators, a bowling alley, a children's playroom, and a screening room housed in a former bank vault. Many apartments in the City Collection have private terraces; the upper-level Tower Collection residences are distinguished by panoramic views; and the Penthouse Collection offers only three residences per floor and high-end interiors.

Completed: 1929 | Converted: 2005
Total Floors: 23 | Total Apartments: 336

11 availabilities from $2,837/month

One month free rent

100-Maiden-Lane-01 100 Maiden Lane (Lalezarian Properties)
NYC rentals
FiDi rentals
The Art Deco tower at 100 Maiden Lane was originally designed by Clinton & Russell as an office building in the late 1920s. The classic facade and 100-foot atrium were beautifully preserved amidst the residential conversion, but the offices have been transformed into well-thought apartments with soaring ceilings, oversized Thermopane windows, kitchens with black granite countertops and stainless steel appliances, and baths with polished chrome fixtures. Amenities and staff include a 24-hour doorman and concierge in the dramatic lobby, a parking garage, a fitness center, and a landscaped sun deck with panoramic city views.

Completed: 1956 | Converted: 2017
Total Floors: 33 | Total Apartments: 533

15 availabilities from $3,204/month

One month free rent on a 12-month lease

20-Broad-Street-01 20 Broad Street (Metro Loft Management)
Downtown rentals
Lower Manhattan rentals
In 1956, 20 Broad Street was constructed as an annex to the neighboring New York Stock Exchange. All apartments are reached via keyless entry and feature high ceilings, large picture windows, stripped oak flooring, modern kitchens, and in-unit washer/dryers. CetraRuddy led the redesign of the building's amenities, which include a fitness center and yoga studio, a game room, a lounge, a library, a children's playroom, a Sky Lounge, and a roof terrace with outdoor theater, BBQ grills, dining areas, and sweeping views of New York Harbor and Lower Manhattan.

Completed: 1926 | Converted: 1998
Total Floors: 31 | Total Apartments: 269

6 availabilities from $3,650/month

21-West-Street-01 21 West Street (Rose Associates)
Financial District apartments
NYC rentals
By virtue of its address at the foot of Manhattan near Battery Park, many of the apartments in onetime office building 21 West Street enjoy scenic views of Lower Manhattan. They also enjoy high ceilings, expansive windows, oak floors, abundant closet space, gourmet kitchens with custom cabinetry and stainless steel appliances, and baths with soaking tubs and polished chrome fixtures. Amenities include a 24-hour attended lobby, a state-of-the-art fitness center, a resident lounge with catering kitchen, and a furnished roof deck with spectacular river views.

Completed: 1959 | Converted: 1997
Total Floors: 28 | Total Apartments: 435

4 availabilities from $3,340/month

45-Wall-Street-01 45 Wall Street (TF Cornerstone)
NYC rentals
FiDi apartments
45 Wall Street was originally constructed as offices for Atlantic Mutual Insurance Company and U.S. Trust, and later became one of the earliest Lower Manhattan offices to be converted to rentals. There was a time when it was slated for demolition so as to make way for a new trading complex and office tower for the New York Stock Exchange, but this plan ultimately collapsed amidst the economic uncertainty following the 9/11 attacks. That comes as a relief to residents who enjoy its central Downtown address, thoughtful layouts, and extensive amenity package that includes two state-of-the-art fitness centers, a basketball court, valet service, bike storage, a penthouse-level Club Lounge, and outdoor roof terrace.

Completed: 1907 | Converted: 2022
Total Floors: 19 | Total Apartments: 132

15 availabilities from $3,785/month

One month free rent

84-William-Street-01 The Howell (Greystar)
NYC residential conversions
NYC rentals
In the decades since 84 William Street was constructed, it has served as the headquarters for the Royal Insurance Company and long-stay rental AKA Wall Street. Most recently, when it was converted to residential use following the pandemic-induced closure, the developers noted that the process was as easy as switching out the mini-fridges with full-sized ones and other minor modifications. There is an option to rent some units furnished, and amenities include a 24-hour attended lobby, on-site maintenance and management services, a fitness center, a laundry room, an indoor lounge with entertainment kitchen, and a landscaped roof terrace with outdoor screening area.

Equity Residential

Equity Residential
71 Broadway Leasing
New York, NY 10006
(646) 989-XXXX
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