GFP Real Estate

Rendering of completely repurposed 25 Water Street, New York City, from office to residential, courtesy of CetraRuddy.

25 Water Street’s Expansion Tops Out in Financial District, Manhattan

8:00 am on February 27, 2024 By Michael Young and Matt Pruznick

Construction has topped out on 25 Water Street, a 32-story office-to-residential conversion and expansion in Manhattan’s Financial District. Designed by CetraRuddy and developed by GFP Real Estate, Metro Loft Management, and Rockwood Capital, the project involves the construction of ten stories above the parapet of the former 22-story office building, the replacement of much of its old façade with a modern fenestration featuring more expansive glass, and the gut renovation of its 1.1 million square feet of interiors into 1,300 rental units.

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Rendering of completely repurposed 25 Water Street, New York City, from office to residential, courtesy of CetraRuddy.

25 Water Street Readies for 1,300-Unit Residential Conversion in Financial District, Manhattan

7:30 am on July 11, 2023 By Michael Young

Preparation work has begun for the residential conversion of 25 Water Street, a 22-story former office building in Manhattan’s Financial District. Designed by CetraRuddy and developed by GFP Real Estate, Metro Loft Management, and Rockwood Capital, the project involves the construction of ten new stories above the parapet of the existing structure, the replacement of its brick façade with a modern fenestration with more expansive windows, and the gut renovation of its 1.1 million square feet of interiors into 1,300 rental units. When complete, the conversion will be the largest ever in the United States by unit count, surpassing the recent redevelopment of One Wall Street with its 566 condominiums. Pavarini McGovern is the general contractor for the property, which is Water Street to the north, 2 New York Plaza to the south, the New York Vietnam Veterans Memorial to the east, and Broad Street to the west.

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Historic Flatiron Building Goes Up For Auction Today in Manhattan

8:00 am on March 22, 2023 By Michael Young

A new chapter in the storied history of the Flatiron Building is set to unfold today as the New York City landmark goes up for sale at a public auction. Designed by Daniel Burnham completed in 1902 as the Fuller Building, the structure quickly became an emblem of New York with its ornate Renaissance Revival flourishes and prominent wedge-shaped design formed by the confluence of Broadway and Fifth Avenue.

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45-18 Court Square Completes Construction in Long Island City, Queens

7:30 am on March 15, 2022 By Michael Young

Work is finishing up on the Innolabs life science facility at 45-18 Court Square in Long Island City, Queens. Designed by Perkins + Will and developed by King Street Properties, Newmark Knight Frank, and GFP Real Estate, the project involved the restoration of a central building and construction of a six-story addition in multiple wings. The low-rise property is located just south of Jackson Avenue between Court Square West and Pearson Street, a short walk from the 7, E, and G trains at the Court Square subway station.

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