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former hub of Wall Street is being transformed into a residential neighborhood. GFP Real Estate plans to convert 40 Exchange Place, a 20-story office tower in Manhattan's Financial District, into a mixed-use development with 382 apartments and ground-floor retail space. This project joins a growing trend of office-to-residential conversions in the area.

    The building, originally designed by John Townsend Williams in 1893, was once home to the New York Stock Exchange from 1856 to 1865. After serving as traditional office space, GFP acquired the property in 2015 for $115 million and invested $20 million in renovations before partnering with Northwind Group.

    GFP has a history of adaptive reuse projects, including the redevelopment of 25 Water St., which became the largest office-to-apartment conversion in the country. The company's latest project follows a $288 million loan secured to redevelop 222 Broadway. The Financial District is emerging as a hub for New York's office conversion trend, driven by the city's tax abatement program.

    Several high-profile properties have been converted nearby, including 55 Broad St., which now features 571 apartments and 25,000 square feet of amenities. Other recent conversions include 77 Water St., 160 Water St., 111 Wall St., and One Wall. The current occupancy status at 40 Exchange Place remains in flux as many leases are short-term, with no formal timeline announced for vacating the offices.