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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.

Construction Resumes on 125 Greenwich Street in Financial District, Manhattan

8:00 am on July 4, 2023 By Michael Young and Matt Pruznick

Construction has resumed on 125 Greenwich Street, an 88-story residential skyscraper in Manhattan’s Financial District. Designed by Rafael Viñoly Architects and developed by Fortress Investment Group and Bizzi & Partners, the 912-foot-tall structure will yield 273 condominium units designed by March & White and marketed by Douglas Elliman Marketing Development, which is aiming to launch sales later this fall. The developers secured a $313 million construction loan from Northwind Group in February to finish the formerly stalled project. Time Square Construction and Plaza Construction are the general contractors for the property, which is located at the corner of Greenwich and Thames Streets, just south of the World Trade Center complex and Liberty Park.

160 Water Street’s Residential Conversion and Expansion Progresses in Financial District, Manhattan

7:30 am on July 4, 2023 By Michael Young and Matt Pruznick

Work is progressing on 160 Water Street, a 29-story office-to-residential conversion and expansion in Manhattan’s Financial District. Designed by Gensler and developed by Vanbarton Group, the project involves the construction of five floors atop the parapet of the 24-story structure and the conversion of its 525,000 square feet of office space to yield 588 rental units in studio to two-bedroom layouts. The overhaul, which is being carried out with a $272.5 million loan from Brookfield Real Estate Financial Partners arranged by Cushman & Wakefield, will also include upgrades to building infrastructure, renovated lobby and common spaces, and the construction of a suite of amenity spaces. Collaborative Construction Management is the general contractor for the property, which is located at the corner of Water and Fletcher Streets.

66 Clinton Street Nears Completion on Manhattan’s Lower East Side

7:30 am on July 3, 2023 By Michael Young and Matt Pruznick

Construction is nearing completion on 66 Clinton Street, a seven-story residential building on Manhattan’s Lower East Side. Designed by C3d Architecture and developed by Vault Development Partners and TLM Equities, which closed on a $20.1 million construction loan to finish the project, the 23,000-square-foot structure will yield 12 condominium units designed by TalliTien with sales and marketing led by Douglas Elliman Development Marketing. Borough Construction Group is the general contractor for the property, which is located between Stanton and Rivington Streets.

1 Park Row Nears Halfway Mark in Financial District, Manhattan

8:00 am on June 29, 2023 By Michael Young

Construction is nearing the halfway mark at 1 Park Row, a 23-story mixed-use building in the Financial District. Designed by Fogarty Finger Architects and developed by Circle F Capital, which received a $90 million construction loan from Parkview Financial in 2021, the 305-foot-tall structure will yield 103,000 square feet with 58 condominium units in one- to three-bedroom layouts, along with 19,000 square feet of office and retail space on the lower levels. Cauldwell Wingate is the general contractor and 1 Park Row Development LLC is the owner of the property, which is located at the intersection of Park Row and Ann Street.

130 William Street Completes Construction in Financial District, Manhattan

8:00 am on June 28, 2023 By Michael Young

Construction has reached completion on 130 William Street, a 66-story residential skyscraper in Manhattan’s Financial District. Designed by Sir David Adjaye of Adjaye Associates and developed by Lightstone, the 800-foot-tall structure yields 242 condominium units marketed by Corcoran Sunshine Marketing Group, with layouts ranging from studios to four-bedroom, full-floor penthouses. Hill West Architects served as architect of record for the property, which is bound by William, Fulton, and Gold Streets. CBRE is in charge of marketing the two retail spaces.

27 Park Place’s Renovation Nears Completion in Tribeca, Manhattan

7:30 am on June 27, 2023 By Michael Young and Matt Pruznick

Renovation work is nearing completion on 27 Park Place, a five-story commercial building in Tribeca. Designed by Michael Schmitt Architect PC, the project involves a full interior and exterior refurbishment following a six-alarm fire that heavily damaged the structure in 2017. Empire State Development is the general contractor for the property, which is bound by Murray Street to the north, Park Place to the south, and Church Street to the west.

Exterior rendering of The Crosby - Courtesy of KPG Funds

Developer Secures $50 Million to Complete The Crosby Office Building at 40 Crosby Street in Soho, Manhattan

7:00 am on June 18, 2023 By Sebastian Morris

KPG Funds has secured a $50 million construction loan to complete The Crosby, a new boutique office building in Soho. Located at 40 Crosby Street, the five-story building will comprise 52,000 square feet of office space and an 18,000-square-foot retail space on the ground floor.

Rendering of 277 Canal Street - Courtesy of UAL

Developers Reveal First Renderings of Affordable Housing Property 277 Canal Street in SoHo

7:30 am on June 16, 2023 By Sebastian Morris

United American Land has revealed the first renderings of 277 Canal Street, its forthcoming affordable housing project designed by Morris Adjmi Architects in Soho, Manhattan. The building is on track to be the first completed project following passage of a controversial neighborhood rezoning of 55 city blocks.

Renovation Work Progresses at 105 Washington Street in Financial District, Manhattan

7:30 am on June 4, 2023 By Michael Young and Matt Pruznick

Renovation work is progressing on 105 Washington Street, a six-story former residential building in Manhattan’s Financial District that is being converted to a homeless shelter under the city’s Safe Haven program. Designed by EQ Architecture & Design and developed by The Center for Urban Community Services (CUCS), the 97-year-old structure spans 22,088 square feet and will yield 84 housing units. Penta Restoration Corp. is the general contractor for the property, which is located between Carlisle and Rector Streets.

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