
Back in early 2023, Mayor Eric Adams announced his push to convert a big chunk of underused office space from 2020 into new apartments for New Yorkers, one of those being the lower Manhattan building at 25 Water Street, which used to be the office of Daily News and JPMorgan Chase. Construction at 25 Water Street officially topped out in February 2024, and the office-to-residential conversion is now leasing for 1,300+ apartments.
While the COVID-19 pandemic gave us all the luxury of working remotely, it also left behind many abandoned offices. The conversions from commercial/office to residential space were estimated to add as many as 20,000 homes in the next decade–or enough to house at least 40,000 individuals.
25 Water Street in the Financial District cleared out early in the pandemic. In mid-2023 the building’s new owners set out to ease residential conversions using old methods to gut the offices, carve out courtyards, and add ten floors to the 22-story structure. And following a two-year transformation, the building–rebranded as SoMA for South Manhattan–has officially hit the market with 1,320 apartments carved from the one-million-square-foot brick fortress.
Inside, apartments range from studios to three-bedrooms with around 50 units per floor. “100,000 square feet of amenities including pickleball courts, a pool, a gym, and spa, have been dug out from a basement that once served as a cafeteria for bank employees,” reads a press release.
Additional amenities include:
- An outdoor rooftop lounge
- Coworking spaces
- Tenant parking
- A library
- A bowling alley
- An art studio
- Sports simulators
Plus, three of the building’s sides have uninterrupted views.
As for rent, be prepared to shell out a significant amount of cash, as new construction of this kind runs about $1,000 per square foot, according to architect John Cetra, who oversaw the project. Rents range from $3,000+ a month for a studio to about $10,000 for a three-bedroom, not including an undisclosed amenity fee. Monthly rent for the higher-floor apartments, which will be ready to rent in a few months, will near $12,000.
With that being said, a quarter of the apartments are planned to be offered at reduced rates through an affordable housing program. Interested residents can apply today.