In what could become the largest office-to-residential conversion project in NYC, GFP Real Estate, Metroloft and Rockwood Capital have disclosed plans to convert 25 Water Street into 1,200 rental units.
The partners reportedly are in negotiations with MSD partners on a $500M construction loan on the project.
In June, GFP and Metroloft entered an agreement earlier this year purchase 25 Water Street, a 1.1M SF office tower formerly known as 4 New York Plaza. The building is owned by Edge Funds, which acquired the property for $270M in 2012 from Harbor Group, holds a $250M mortgage on the building.
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