In a notable shift within the Manhattan skyline, the once office-dominated 25 Water Street, the former home of the NY Daily News, has completed its transformation into a residential building, now offering units through New York City's affordable housing lottery. According to Gothamist, a quarter of the 1,300 apartments have been set aside for moderate-income residents, a move that rides the wave of converting antiquated office spaces to meet the city's pressing housing needs.
While the Financial District has seen similar projects post-9/11, this particular development at 25 Water Street marks the first office-to-residential renovation to participate in the city's newly proposed tax break program. Designed to encourage such conversions, the initiative stipulates that participating developers reserve a minimum of 25 percent of units for affordable housing. Among these, PIX11 reports that 48 studio apartments are priced at a palatable $932 per month for individuals and couples earning under $50,000 annually.
Behind the scenes, developers GFP Real Estate and Metroloft, having purchased the building for $250 million in December 2023, secured a $536 million loan to fund the expansive refurbishment. The market-rate apartments offer a contrast, with prices ranging from about $3,500 for a studio to over $9,000 for three-bedroom units. "The building has been the subject of “substantial demand” since it began leasing earlier this year," GFP Real Estate co-CEO Brian Steinwurtzel told Gothamist.
Eligible applicants for the affordable units include not only those earning up to $111,000 for certain apartments but also those making as little as $31,955 yearly. The broad approach aims to cater to a diverse population bracket within a city recognized for its high living costs. Applications for the affordable units, as highlighted by PIX11, will remain open until May 5, offering a rare opportunity for qualified residents to secure a spot in a typically exclusive district of Manhattan.
Prospective tenants are encouraged to review eligibility requirements and submit their applications through the NYC Housing Connect website.
