Work is about to begin on the office-to-residential conversion of 40 Exchange Place, a 20-story commercial building in Lower Manhattan’s Financial District. Designed by Tuller McNealus Feld and developed by GFP Real Estate, the project will repurpose the structure’s 300,000 square feet into 382 rental apartments. The project will also include ground-floor retail space. A portion of the residential offering will be dedicated to affordable housing. The property is located at the intersection of Exchange Place and William Street.
The rendering above depicts the northern elevation of 40 Exchange Place, previewing the restored façade.
The building was originally designed by John Townsend Williams in the Classical Revival style and completed in 1893. GFP Real Estate acquired the property from Weiss Realty for $115.5 million in 2015. Northwind Group was also part of the acquisition, but sold its stake in the partnership in 2018. However, the company is still involved in the project and issued a $50 million mortgage to GFP in early 2024. GRP also recently secured $191.5 million in construction financing from Derby Lane in a deal arranged by Newmark.
The developer is planning to utilize a mix of federal and state Historic Rehabilitation Tax Credits, along with New York City’s 467-m program, which will provide a 35-year tax abatement on the property.
The nearest subways from the site are the 2 and 3 trains at the Wall Street station to the north, and the J and Z trains at the Broad Street station to the west.
An anticipated completion date for 40 Exchange Place’s office-to-residential conversion has yet to be revealed.
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A beautiful, historic building that is perfect for residential conversion. So many old office buildings can be converted instead of being destroyed. This is the best way to maintain and expand the our historic city.
Does anyone know how to apply for Affordable Housing through Yimby??