After a two-year gut renovation, 25 Water St., a former banking operations hub in the Financial District, has been reborn as a sleek rental development.
The largest office-to-residential conversion in the US has transformed a 55-year-old, 1-million-square-foot former banking facility in Manhattan 's Financial District into 1,300 apartments.A hulking office tower that once hummed with the sounds of check processors and the shuffling of financial paperwork is now Manhattan ’s latest high-end residential address.
“The site and location possessed such great potential, making it a challenge worth undertaking,” said Metro Loft founder Nathan Berman. The project is part of a growing trend in Lower Manhattan, where aging office towers — many of them struggling to find tenants post-pandemic — are being converted into much-needed housing.Given the prohibitive costs of demolishing and rebuilding such a large structure, the conversion was the most viable option, offering high-end finishes, modern layouts and sweeping city views.
JPMorgan Chase, which once occupied much of the building, had been gradually vacating the space for years, relocating its legal and back-office teams to Midtown and Brooklyn. The final push came after the pandemic, when occupancy plummeted to just 10%.
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