Lottery opens for 330 apartments at huge office-to-residential conversion in FiDi, from $932/month
Rendering courtesy of Streetsense
Here’s your chance to live in the nation’s largest office-to-residential conversion in the Financial District. A housing lottery launched this week for 330 affordable apartments at 25 Water Street, a former 1960s office tower once home to JPMorgan Chase and the Daily News that now holds 1,320 luxury apartments. New Yorkers earning 40, 80, and 90 percent of the area median income can apply for the units, priced from $932/month studios to $3,286/month three bedrooms.
The brick Brutalist building, originally known as 4 New York Plaza, was constructed in the late 1960s as an operations center for Manufacturers Hanover Trust Company. Since the building primarily housed computers, windows were not a key feature of its design, which was intended to resemble a punch card, as 6sqft previously reported.
After flooding from Hurricane Sandy damaged the building in 2012, tenants did not return to the building for a year. In 2020, the newspaper closed its newsroom and JPMorgan cut back its presence in the building while preparing to move to its new headquarters at 270 Park Avenue.
Developed by GFP Real Estate, Metro Loft, and Rockwood Capital, and designed by CetraRuddy, the project, dubbed “SoMA” for its location in “South Manhattan,” involved an $800 million redevelopment that removed part of the facade, replaced windows, and added a 10-story overbuild to bring the total height of the building to 32 stories.
Of SoMA’s 1,320 luxury apartments, a quarter are designated affordable. The rental is the first project to take advantage of the city’s 467-m tax break, a new tax incentive for converting offices to residential space.
The amenity spaces total 100,000 square feet and include a fitness center, spa, co-working space, a private bowling alley, karaoke room, rooftop terrace, basketball and pickleball courts, two swimming pools, and a rooftop terrace
Additionally, residents can relax at the “SoMA Spa,” which offers a steam room, Himalayan salt room, infrared sauna, relaxation room, and treatment rooms. Other amenities include a children’s playroom, game room, business center, swimming pool, bike storage, and package lockers.
Apartments have custom Italian kitchens with paneled appliances, washer-dryers, dishwashers, and energy-efficient systems like custom solar shades. The building is also pet-friendly.
The building launched leasing for market-rate units in January, with current availability for the studios starting at $3,595/month, $3,891/month for studios with a home office, $6,929/month for a one bedroom with two home offices, and $7,120 for a studio with two home offices, according to SoMA’s website.
SoMA is currently the largest completed office-to-residential conversion in the country, but the conversion of Pfizer’s former headquarters in Midtown will be bigger, with more than 1,500 apartments expected to hit the market in 2026.
Qualifying New Yorkers can apply for the apartments until May 5, 2025. Complete details on how to apply are available here.
Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.
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