GFP Real Estate LLC's apartments for 25 Water Street have hit the market after making the transition from an office property.
The 32-story building, known as SoMA, holds 1,320 units and offers a range of options from studios to three bedrooms. Currently, on StreetEasy, there are only five studio listings. Rents are priced from $3,840 to $8,050, with each one offering at least one month free. The only one available currently is a studio with one bath for $3,840 per month, while the rest will be ready by March 17.
Also, 25 percent of the luxury apartments are designated as affordable, and will target those making $80,000 to $100,000 per year, Brian Steinwurtzel, co-CEO and principal of GFP, told the Commercial Observer.
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Tenants get 100,000 square feet worth of amenities, which include a spa and lounge, a social area, a pet spa, a CoWorking lounge, a rooftop pool and park, outdoor grills, dining options, a kids club, among other perks.
Additionally, SoMA, which is also owned by Metro Loft Management and Rockwood Capital, is surrounded by museums, galleries, and various entertainment venues in the Financial District.
When the property at 25 Water Street operated as an office, it hosted newspapers such as the National Enquirer and the New York Daily News. Originally, the property was built in 1969. The three developers planned to spend $565 million on the conversion.
“That building had been on the market from time to time over the years before COVID, and then when COVID hit, it was clear that it was not going to survive as an office building,” Steinwurtzel, told the Commercial Observer.
“We went about trying to figure out how to create a building that would not only be a beautiful apartment building but a community for residents, because we knew with a 1.1 million-square-foot office building that there would be over 1,000 apartments.”
The conversion involving SoMA, is a part of a growing trend in New York City. Most notably, Northwind Group is transforming two Manhattan office properties, which were the former headquarters of Pfizer, into 1,600 multifamily units. The developer is dubbing the project the "largest office to residential conversion in NYC history."
Also, Sarah Hawkins, CEO of East Region for Hines noted last month at a real estate outlook 2025 panel at NYU Stern School of Business that five million square feet of office-to-residential transformations were underway. Moreover, there's an ambitious 17 million square feet in the planning stages, according to Hawkins.
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