CityRealty Insider > New Developments in the News

New Developments in the News

AUGUST 3, 2009

Office space available, but not at 200 Water Street

The vacancy rate for office space in the nation's major markets increased to its highest level—13.7 percent—since the second quarter of 2005, according to a report issued by Cushman & Wakefield Inc. New York City's vacancy rate remains among the nation's five lowest at 10.5 percent, along with New Haven, Conn., Portland, Ore, Philadelphia, Boston and Washington, D.C. Downtown and Midtown reportedly had the lowest vacancy rates among submarkets within the city.

The former office building at 200 Water Street—recently in use as a New York University dormitory—will be converted to rental apartments this summer. The Rockrose Development Corporation took over the building known as 127 John Street in 1997, changed its address to 200 Water Street and created 576 residential apartments from what were formerly offices. The $80 million conversion by Rockrose was reportedly the first time the city had seen a postwar office converted to purely residential use, in this case encouraged by zoning changes promoting residential conversions in the area. The new residence will feature a roof deck with a barbecue grill, cabana, vending machines and a "waterfall shower."

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