Plans are underway to convert 40 Exchange Place, a 20-story office building at the corner of Exchange Place and William Street in the Financial District, into 382 rental apartments. The development will include a mix of market-rate and affordable units, along with ground-floor retail space and amenities for residents.
According to a Newmark press release, Derby Lane has provided $191.5 million in construction financing, arranged by Newmark, to support GFP Real Estate’s office-to-residential conversion at 40 Exchange Place. The financing will fund the reuse of the building’s upper floors for multifamily housing. The developer has not yet announced an architect or a construction start date.
Permits, Financing and Tax Breaks
City filings show GFP has submitted a major alteration application for the project. Reporting from PincusCo notes that job number M01233357 was filed in July 2025 and that related refinance activity closed at the end of January.
The developer also plans to use federal and state historic rehabilitation tax credits, along with New York's 467-m conversion incentive, which can deliver a long-term abatement on property taxes, according to the City of New York.
A Piece of Fidi History
The building was designed by John Townsend Williams in the Classical Revival style and completed in 1893, and it has housed offices for generations. New York YIMBY notes that GFP acquired the property from Weiss Realty in 2015 for about $115.5 million, and that Northwind Group, an early partner, sold its stake in 2018 while later providing financing to the project.
How This Fits In Fidi's Conversion Boom
The conversion joins a string of high-profile repurposings across Lower Manhattan as developers shift aging office buildings into housing. Coverage in Multi-Housing News and data cited by Newmark show that millions of square feet of Manhattan office space are under conversion or planned, a trend investors say has made projects like this feasible.
What Happens Next
Although the financing is in place, public records indicate that final permits are still pending, and GFP has not released construction drawings or a start date. PincusCo reports that the permit set remains under review even as the ownership completed a refinance and related loan activity in early February.
Neighborhood Note: The Irish Punt
Project renderings previously showed the Irish Punt, a longtime pub at the building's base, remaining next to the main entrance. Local reporting, however, suggests the bar closed at the end of 2025. The discrepancy is noted in New York YIMBY and in a December report from Tribeca Citizen, which said the Irish Punt shut after a 31-year run.
If the conversion moves forward, 40 Exchange Place will add several hundred residential units to the Financial District, a neighborhood that has been experiencing steady population growth. Updates on the project, including construction timelines, architect appointments, and city approvals, are expected as plans progress.
