As Lower Manhattan continues to attract office-to-residential projects, The Moinian Group is following up with momentum.
The real estate investment firm has launched construction to transform roughly 150,000 square feet of Building A at 17 Battery Place into 220 residential units. This represents five floors at the building.
Of units, 55 or 25 percent of the total will be designated under the affordable category. Each residency will consist of panelized appliances, with a washer and dryer. Plus, an amenity package, which includes a redesigned lobby, new recreation space and a rooftop deck.
Additionally, the building will include retail space that's been fully leased to Lifetime Fitness and American, Mediterranean & Asian style restaurant, Terravita. The site is located near Wagner Park, which was recently delivered to the area.
This marks another phase of the project, as the initial portion delivered 131 residential units across more than 90,000 square feet.
"The transformation of 17 Battery Place represents a significant step in reimagining Lower Manhattan's built environment, as we convert a historic office property into much-needed housing," Larry Bremer, senior vice president of development at Moinian, said in a statement.
"By thoughtfully repositioning this building, we are preserving its legacy while delivering modern residences, including meaningful affordable housing, in one of New York City's most dynamic neighborhoods."
Moinian's new project just marks one of the various office-to-residential sites in Lower Manhattan that's either planned, underway or delivered. Particularly, Metro Loft Management has been busy, which, earlier this month, along with Quantum Pacific Group, paid over $100 million to convert 21-story 1 Whitehall Street into apartments, as reported by The Real Deal.
Plus, Metro, along with GFP Real Estate, landed $835 million in financing in December for another Lower Manhattan property that's already been converted into 1,320 apartments.
Moinian expects the next phase at 17 Battery Place to deliver during the first three months of 2027.
Separately, the New York-based firm in January landed a $310 million deal to refinance its Midtown, Manhattan office tower, 535–545 Fifth Avenue.
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