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former banking operations hub in Manhattan's Financial District has been transformed into a luxurious residential complex, marking the largest office-to-residential conversion in US history. After a two-year renovation, 25 Water St. now boasts 1,320 units, ranging from studios to three-bedroom apartments, with rents starting at over $3,000 per month and topping out at $12,000.

    Developers Metro Loft, Rockwood Capital, and GFP Real Estate purchased the nearly vacant building in 2022 for $251 million and secured a $536 million loan to fund the overhaul. The original structure, designed to house computers with minimal windows, has been reimagined with large windows, light wells, and an additional 10 stories.

    The revamped complex, dubbed SoMA (South Manhattan), features 100,000 square feet of amenities, including a gym, pickleball courts, an indoor pool, spa, and even an indoor golf simulator. The basement, once used to feed thousands of bank employees, has been transformed into a private oasis with top-tier amenities.

    The project is part of a growing trend in Lower Manhattan, where aging office towers are being converted into much-needed housing due to high commercial vacancies post-pandemic. Given the prohibitive costs of demolishing and rebuilding such a large structure, reusing existing buildings offers a faster and more cost-effective way to meet demand.

    More than 70 distinct layouts have been designed to cater to various lifestyles, each featuring high-end Italian kitchens, built-in appliances, in-unit laundry, and smart home technology. A quarter of the apartments will be offered at reduced rates through an affordable housing program in exchange for state-approved tax abatements.