Newmark Arranges $535.8 Million Acquisition and Redevelopment Financing for Office-to-Residential Conversion

25 Water Street is a 22-story, 1.1 million-square-foot office building in New York City's historic Financial District
Newmark Arranges $535.8 Million Acquisition and Redevelopment Financing for US' Largest Ever Office-to-Residential Conversion
Rendering: Official
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Newmark has arranged a $535.8 million loan on behalf of GFP Real Estate, Metro Loft Management and Rockwood Capital for the acquisition and redevelopment of 25 Water Street. 25 Water Street is a 22-story, 1.1 million-square-foot office building in New York City’s historic Financial District. The Newmark team was led by Vice-Chairmen and Co-Heads of the Debt & Structured Finance team Dustin Stolly and Jordan Roeschlaub and Senior Managing Director Chris Kramer. MSD and Apollo provided the loan. This transaction represents the largest ever office-to-residential conversion in the United States.

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Upon redevelopment, the property will be refitted to feature approximately 1,300 residential units ranging from studios to four-bedrooms. The property’s 12’4″ slab-to-slab ceiling heights and expansive 40,330-square-foot floor plates provide an attractive canvas for residential conversion. The property will also provide residents with an amenity package relative to other rental buildings in lower Manhattan. Fitness amenities are expected to include a basketball court, a steam room/sauna, indoor and outdoor pools and sports simulators. Lifestyle amenities are expected to include an expansive sky lounge and landscaped outdoor rooftop terrace and multiple entertainment and coworking spaces.

The residential conversion of 25 Water Street will be executed by a world-class sponsorship team led by GFP in collaboration with Metro Loft Management.

Built in 1969, 25 Water Street enjoys uninterrupted light and air on three sides, offering broad views of lower Manhattan and New York Harbor from all floors. The property is situated on a double-wide street corridor with the widest exposure fronting Water Street protected by the property’s own broad plaza, the low-rise Fraunces Tavern historic district and Coenties Slip park directly across Water Street. The property is also surrounded by two acres of broad plazas and public parks. Several modes of transportation, including over a dozen nearby subway lines, provide convenient access to the property.

Lisa Hay

Lisa is a staff reporter for What Now Media Group. She covers new restaurant, retail, and real estate openings across all of our markets. A true foodie, this Air Force veteran has lived all over the world — from Aviano, Italy to Nairobi, Kenya — but her favorite spot is NOLA for its rich history, architecture, culture, and of course, its good eats.
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