V
anbarton Group is set to acquire the office building at 77 Water Street in New York City for $95 million. The deal, expected to close by year-end, would bring the property's price per square foot to around $175. Vanbarton plans to convert the 26-story building into residential space, potentially creating up to 600 rental units.

    This move follows a similar conversion at Pearl House, just a few blocks away, where Vanbarton launched sales for 588 units last year with rents starting at $3,500. The company has experience in office-to-residential conversions, having previously transformed nearby buildings and secured a $272 million construction loan for another project.

    Vanbarton's portfolio includes the conversion of 180 Water Street into a 570-unit building and the debut of Hollingsworth at 70 West 37th Street with 300 units. The company has more projects in the works, including turning a former WeWork space into rental units.