Before the doors of office buildings closed all the way behind workers ahead of the pandemic-induced lockdown, discussions of converting the empty space to much-needed housing began. Years later, with hybrid work environments proving popular and major companies canceling leases or reaching the end with no plans to renew, the question remains relevant. However, with the exception of the McGraw Hill Building, very few residential conversions are taking shape in Midtown as of this writing.
Proponents of office-to-residence conversions point to the success of the Financial District, which saw a number of empty office buildings turned into housing units over the past several years. During that time, the Financial District evolved into a highly livable neighborhood. 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.
Proponents of office-to-residence conversions point to the success of the Financial District, which saw a number of empty office buildings turned into housing units over the past several years. During that time, the Financial District evolved into a highly livable neighborhood. 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.
55 Broad Street, July 2023 (Joe Woolhead)
In this article:
Coworking space
Rooftop club
The Financial District shows no sign of slowing down. Shortly after Silverstein Properties and Metro Loft Management closed on 55 Broad Street, the Emery Roth-designed former headquarters of Goldman Sachs, for $172.5 million, they announced that they had tapped CetraRuddy as the architect for the building’s conversion to a 571-unit rental development. They are aiming for LEED certification, and amenities are set to include a lounge, fitness center, coworking space, sun deck, and outdoor pool.
55 Broad Street is a few blocks west of 25 Water Street, the former Daily News headquarters that is set to become the country’s biggest residential conversion with over 1,300 new housing units. In addition to the changes to bring interiors up to residential standards, the owners plan to carve out courtyards, raise the height to 32 stories, and add such amenities as a gym, sports simulators, basketball court, steam rooms and saunas, coworking space, lounge, and rooftop terrace. Tenant JP Morgan Chase is still on the premises, but they plan to consolidate operations at the new headquarters at 270 Park Avenue after their lease expires at the beginning of January 2025.
The conversion of 55 Broad Street is expected to take two years, as is the conversion of 25 Water Street. In the meantime, we look at Financial District office-to-residential conversions with the richest history, most eye-catching architecture, and most extensive amenities.
Condos
Then: Irving Trust Company headquarters
Now: 566-unit condominium
16 availabilities from $1,330,000
16 availabilities from $1,330,000
One Wall Street (Compass)
Model unit (Colin Miller)
Private restaurant (Ethereal Photograpy)
When 25 Water Street is complete, it will dethrone One Wall Street as the city's largest office-to-residential conversion. However, it will not hold a candle to the Art Deco design by "architect of the century" Ralph Walker, which was beautifully preserved amidst the conversion to residential. Also preserved was the historic Red Room mosaic by Hildreth Meière, which is being incorporated into the first United States outpost of French department store Printemps.
All apartments enjoy oversized windows, high ceilings, wide-plank French oak hardwood floors, kitchens with best-in-class appliances, and serene stone primary baths. Residents receive complimentary memberships to the Life Time Fitness Resort in the building, and exclusive amenities on the 38th and 39th floors include a 6,500-square-foot coworking space, an indoor Sky Pool, a children's playroom, a teen lounge, and a private restaurant and dining room with access to an outdoor terrace.
All apartments enjoy oversized windows, high ceilings, wide-plank French oak hardwood floors, kitchens with best-in-class appliances, and serene stone primary baths. Residents receive complimentary memberships to the Life Time Fitness Resort in the building, and exclusive amenities on the 38th and 39th floors include a 6,500-square-foot coworking space, an indoor Sky Pool, a children's playroom, a teen lounge, and a private restaurant and dining room with access to an outdoor terrace.
Then: Paine Webber & Co. headquarters
Now: 308-unit condominium
16 availabilities from $899,000
16 availabilities from $899,000
The Broad Exchange Building (The Corcoran Group)
Owing to its close proximity to the New York Stock Exchange, the Clinton and Russell-designed 25 Broad Street was the city's highest-valued office building in its heyday. Both the Italian Renaissance Revival-style facade and the elegant double-height lobby were restored to their original glory during the conversion. However, the interiors were gutted and transformed into one- to two-bedroom homes with open layouts, dark hardwood floors, high-end kitchen appliances and finishes, and in-unit washer/dryers. Over 8,000 square feet of indoor and outdoor amenities include a fitness center, multi-sport simulator, children's play area, residents' lounge, and roof terrace with outdoor kitchen and grilling stations.
Then: New York Cocoa Exchange office
Now: 126-unit condominium
4 availabilities from $575,000
4 availabilities from $575,000
Cocoa Exchange (CityRealty)
Cocoa Exchange, #701 (Nest Seekers LLC)
In addition to the exchange that gave the residential building its name, the Flatiron-esque building on the corner of Beaver Street served as the headquarters of the Munson Steamship Company in its earliest days. Today it is as well known for its appearance in a John Wick movie as for its status as a New York City Landmark and a beautifully situated downtown condominium. All units feature gracious layouts, abundant light, open kitchens, and in-unit washer/dryers. Amenities include an attended lobby, penthouse lounge, and rooftop terrace with outdoor shower and wet bar.
Then: JP Morgan banking headquarters
Now: 380-unit condominium
8 availabilities from $800,000
8 availabilities from $800,000
Downtown by Starck (Compass)
The exterior of 15 Broad Street is a New York City Landmark, and its windows look out on historic views of the New York Stock Exchange across the street. However, the interiors were transformed by acclaimed architect Philippe Starck to combine original architectural details with modern appliances, finishes, and infrastructure. The 1,900-piece Louis XV chandelier that once hung in the banking hall has been installed as a work of art in the attended lobby, and new amenities include a gym, basketball court, bowling alley, indoor lap pool, game room, screening room, and landscaped rooftop park with dining tables, lounge chairs, and reflective pool.
Then: Morgan Guaranty Trust Company headquarters
Now: 409-unit condominium
18 availabilities from $719,000
18 availabilities from $719,000
The Collection (Compass)
When the office at 20 Pine Street was converted to a residential building, original architectural details like sphinx gargoyles and beamed ceilings were carefully preserved. All units feature interiors by Armani/Casa, and the luxury mindset extends to the building's amenity suite: It includes a fitness center, lap pool, hammam, golf simulator, children's playroom, billiards room, and roof terrace.
Then: Publishing building
Now: 125-unit condominium
5 availabilities from $845,000
5 availabilities from $845,000
American Tract Society Building (center; Sotheby's International Realty)
The American Tract Society Building garnered as much attention for its richly detailed Romanesque and Renaissance Revival-style facade as for its status as one of the first skyscrapers to use a steel skeletal frame. After its namesake (a publisher of religious literature) moved out, the New York Sun moved into the lower half of the building. Today residents enjoy beautifully preserved architectural details both inside and out, not to mention amenities like a fitness center and roof deck with beautiful Manhattan and Brooklyn views.
Rentals
Then: U.S. Steel headquarters
Now: 237-unit rental
9 availabilities from $4,097/month
9 availabilities from $4,097/month
71 Broadway (Equity Residential)
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.
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.
Then: City Bank-Farmers Trust headquarters
Now: 736-unit residential building
18 availabilities from $3,550/month
18 availabilities from $3,550/month
Twenty Exchange (Rose Associates)
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.
Then: Cities Services Company headquarters
Now: 644-unit residential building
41 availabilities from $3,725/month
41 availabilities from $3,725/month
70 Pine Street (Rose Associates)
Decades after Art Deco tower 70 Pine Street was constructed, it was 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.
Then: New York Stock Exchange annex
Now: 533-unit residential building
5 availabilities from $3,662/month
One month free rent on a 12-month lease
5 availabilities from $3,662/month
One month free rent on a 12-month lease
20 Broad Street (Metro Loft Management)
Over 60 years after 20 Broad Street was constructed, 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.
Then: Atlantic Mutual Insurance Company offices
Now: 435-unit residential building
1 availability for $3,695/month
1 availability for $3,695/month
45 Wall Street (TF Cornerstone)
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.
Then: Royal Insurance Company headquarters
Now: 132-unit residential building
3 availabilities from $4,575/month
3 availabilities from $4,575/month
The Howell (Greystar)
Between its construction as an office building and conversion to residential, 84 William Street enjoyed an interlude as long-term hotel AKA Wall Street. It was one of New York's few hotels to be converted to residential use following the pandemic-induced closure; during this time, 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.
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
