In what could become the largest office-to-residential conversion project in NYC, GFP Real Estate, Metroloft and Rockwood Capital have disclosed plans to convert 25 Water Street into 1,200 rental units.
The partners reportedly are in negotiations with MSD partners on a $500M construction loan on the project.
In June, GFP and Metroloft entered an agreement earlier this year purchase 25 Water Street, a 1.1M SF office tower formerly known as 4 New York Plaza. The building is owned by Edge Funds, which acquired the property for $270M in 2012 from Harbor Group, holds a $250M mortgage on the building.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
