T
he historic office tower at 25 Water St. has been transformed into a luxury residential complex, boasting over 1,000 apartments in its 32-story structure. The massive renovation, which took two years to complete, replaced the building's cubicles with high-end living spaces, including studios and three-bedroom units. Rents range from $4,000 for a studio to over $10,000 for a three-bedroom apartment.

    The property, known as SoMA (South Manhattan), features an array of luxurious amenities, such as infrared dry saunas, salt rooms, pickleball courts, two pools, and a bowling alley. The building's facade has been completely revamped, replacing its original brutalist brick exterior with large windows and light wells.

    Developers Metro Loft, Rockwood Capital, and GFP Real Estate led the conversion project, which was made possible by new regulations that have simplified office-to-residential conversions in New York City. According to Nathan Berman, founder of Metro Loft, "They can't compete as office buildings anymore," referring to the challenges faced by traditional office spaces.

    SoMA is just one example of a growing trend in NYC, where developers are repurposing old office buildings into residential complexes. Other notable conversions include Pearl House, a 588-unit development in the Seaport District, and the former headquarters of Goldman Sachs at 55 Broad St., which has begun leasing luxury apartments.

    The Adams administration's "City of Yes" plan has made it easier for developers to convert office spaces into residences, paving the way for similar projects like the conversion of 5 Times Square into over 1,000 apartments. The Flatiron Building is also set to be transformed into high-end condominiums, further solidifying NYC's shift towards residential conversions.