![]() Other rooms described as offices will face the adjacent Vietnam Veterans Memorial Park, but the windows still won’t comply with current bedroom rules because they don’t face a street or courtyard. Most of the apartments will have “home offices” that can double as bedrooms, but not all of those will have windows - a controversial arrangement backed by Adams. The layout shows the complicated process of carving up commercial spaces set far from windows and turning them into places where people actually live. The owners and architects allowed Gothamist to view the floor plans but refused to release them for publication. They plan to squeeze more than 50 market-rate and luxury apartments ranging from studios to four bedrooms onto each of the existing floors, fitting them together like Tetris pieces, according to initial blueprints. “It’ll help to continue the transition of the financial district into a 24/7 mixed-use neighborhood." “The expectation is that there certainly will be younger single folks who are just sort of starting out in New York, up to families with children that will be looking for these larger units,” Steinwurtzel said. Steinwurtzel said the new building will attract a range of tenants motivated by a massive planned gym, ground-floor shops and two swimming pools. The building at 25 Water Street is more than 1.1 million square feet. Steinwurtzel declined to give a total cost estimate, but cited a $400 to $500-per-square-foot rate for most conversions. The two firms bought the building, until recently known as 4 New York Plaza, in December for about $250 million and will spend hundreds of millions more on the conversion. “There's significant structural work that needs to be done and that is very expensive.” “I think this one is more complex than other ones that have been done,” Steinwurtzel said. The owners also plan to raise the height to 32 stories while still complying with density restrictions, Steinwurtzel said. That’ll allow the building to meet light and air requirements. Owners GFP Real Estate and Metro Loft plan to scoop out two courtyards from the center of the building and wrap apartments around them, said GFP head Brian Steinwurtzel. The developers say the apartments should open in about two years.īut changing cubicles and water coolers into bedrooms and kitchens isn’t as simple. ![]() Repurposing an office building is usually quicker than erecting a new structure from the ground up, said architect Eugene Flotteron, whose company CetraRuddy is designing the 25 Water St. State lawmakers are considering those changes, along with a new office conversion tax break, in the state budget currently being negotiated. Kathy Hochul both say these types of conversions can help supercharge housing supply in places like Midtown and Flushing, Queens but first need the state to tweak zoning rules. The owners have not submitted the residential plan for final approval from the city's Department of Buildings, but city signoff is a formality in Lower Manhattan office conversions as long as the new design meets zoning and construction rules. ![]() New owners are using decades-old rules that ease residential conversions in the Financial District to gut the offices, carve out courtyards and add 10 floors to the 22-story structure. was once home to the Daily News and JPMorgan Chase, which cleared out earlier in the pandemic. More than 1,300 apartments will fill an empty office building in Lower Manhattan, making it the biggest residential conversion project in the country, its owners say.
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