One of Lower Manhattan’s waterfront office towers is in the middle of a stealth transformation. The Moinian Group has started work to convert a big chunk of 17 Battery Place into homes, turning roughly 150,000 square feet of upper-floor office space into about 220 apartments looking out over Battery Park. Construction crews are already on site, and the developer says the 31-story tower’s historic shell will stay put while the interiors get modern floor plates and shared amenities. It is the latest step in a multiyear effort that has been swapping out office space for residences in the Financial District.
Project details and schedule
According to Connect CRE, the adaptive reuse will convert approximately 150,000 square feet across five floors into 220 residential units. Work is underway and completion is anticipated in the first quarter of 2027. The current phase focuses on Building A of the complex and includes a redesigned lobby and a new residential entrance that will separate the apartments from the remaining commercial spaces. The developer has framed the plan as a way to add housing while keeping the structure’s historic character intact.
Affordable housing and tax incentives
As Commercial Observer reported, about 25 percent of the new units, 55 homes in all, are slated to be permanently affordable and are being delivered under the statewide 467-m tax incentive program. The 467-m program, which the city’s Department of Housing Preservation and Development outlines, offers property tax benefits for office-to-residential conversions that include a required share of affordable rental units, a framework Moinian is using to meet the affordability requirement. “The transformation of 17 Battery Place represents a significant step in reimagining Lower Manhattan’s built environment,” Larry Bremer, Moinian’s senior vice president of development, said in a statement quoted in that coverage.
Amenities, retail and financing
The redevelopment package calls for a rooftop terrace, recreation space and a fully redesigned lobby, and a Life Time Fitness branch is set to anchor the building’s retail lineup, per Connect CRE. Public filings reviewed by industry trackers show Moinian has lined up construction financing to back the work. PincusCo reported a roughly $200 million rehab construction loan tied to the property that closed in December 2025. The developer says the retail footprint is fully leased, something company spokespeople and brokers describe as a built-in perk for incoming residents.
Where this fits in
Downtown Manhattan has turned into a test kitchen for office-to-residential makeovers as policy and market forces push owners to rework underused office space, and the 467-m incentive is at the center of that shift. Projects at 25 Water Street, 160 Water Street and 55 Broad Street are part of the same conversion wave, according to reporting by Commercial Observer, and officials say the new tax framework is designed to speed more of these deals into the city’s housing pipeline. Developers still face construction and financing hurdles, but Moinian’s move at 17 Battery Place is held up as an example of how state incentives can make select office-to-residential projects pencil out.
The conversion at 17 Battery Place is scheduled to deliver units in early 2027, setting up a closely watched case study for neighborhood residents, affordable housing advocates and investors tracking how New York’s new conversion rules play out in real time. Moinian’s broader downtown strategy suggests more follow-on work could be in the cards if the incentives and market conditions hold.
