Construction is underway on the office-to-residential conversion of 111 Wall Street, a 30-story tower in Manhattan’s Financial District. Designed by Gensler and developed by InterVest Capital Partners and MetroLoft Development, the project will span more than 899,000 square feet and yield approximately 1,568 rental units. Twenty-five percent of the residential inventory will be reserved for affordable housing for residents earning an average of 80 percent of the area median income, qualifying the development for New York City’s Affordable Housing Conversion Program. The development will also include 7,000 square feet of ground-floor retail space and more than 100,000 square feet of amenities. The property is located between South and Front Streets.
Rendering of 111 Wall Street. Rendering from 111 Wall Street’s brochure.
The conversion marks a sharp turn from our last update in April 2023, when installation of a new glass curtain wall was reaching the upper levels of a $100 million office renovation designed by STUDIOS Architecture for Wafra Capital Partners and The Nightingale Group. That repositioning, launched after anchor tenant Citigroup departed in late 2019, never stabilized. Lender Oaktree Capital Management moved to foreclose on a $500 million loan in 2023 before standing down as ownership pivoted to residential, and Nightingale exited the venture.
InterVest Capital Partners, the successor to Wafra Capital Partners, retained control and signed an agreement with MetroLoft Development in September 2024 to convert the vacant, 1968-built tower. Work has since commenced on the conversion, which adds a five-story overbuild above the existing 24-story structure and a full redesign of the lobby.
Photograph of 111 Wall Street. Credit: Michael Young.
Amenities will include a wellness and recreation suite with a spa, golf simulator, bowling alley, and social lounges; a fitness center, café, and coworking spaces; and a rooftop deck with climate-controlled basketball and padel courts. Notably, Walker & Dunlop also promise the city’s only rooftop NBA regulation court. In addition, the building will offer a pool, a jogging track, and an outdoor fitness area.
In December, the team closed an $867 million financing package, making 111 Wall Street the largest single-building office-to-residential conversion loan in the city’s history.
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Brave New World.
I’m curious to see the floorplans for these units – as the building has a rather large floorplate.
I am thinking the same.
Follow-up: they’ve built a substantial lightwell down the core of the building. There’s a photo of it on the CCM website.
That image seems like looking up a chimney. Windows on this exposure will be dark and lack “air.”
Notches, as in 750 Third Ave..what else can they do?
I hope the engineers and architects were paying attention to the Pfizer addition fiasco. Five extra floors. Also, the basement of this building flooded up to the lobby level during Sandy. I wonder what steps the developers may take to prevent that from happening again.
Put a pool in the basement so it won’t be a big deal next time.