Preparation work has begun for the residential conversion of 25 Water Street, a 22-story former office building in Manhattan’s Financial District. Designed by CetraRuddy and developed by GFP Real Estate, Metro Loft Management, and Rockwood Capital, the project involves the construction of ten new stories above the parapet of the existing structure, the replacement of its brick façade with a modern fenestration with more expansive windows, and the gut renovation of its 1.1 million square feet of interiors into 1,300 rental units. When complete, the conversion will be the largest ever in the United States by unit count, surpassing the recent redevelopment of One Wall Street with its 566 condominiums. Pavarini McGovern is the general contractor for the property, which is Water Street to the north, 2 New York Plaza to the south, the New York Vietnam Veterans Memorial to the east, and Broad Street to the west.
Recent photographs show sidewalk scaffolding assembled and a mechanical hoist attached to the southwestern elevation of the building, which was originally known as 4 New York Plaza after its completion in 1969. To make the expansive floors more suitable to residential living, the project team is planning on cutting out two central courtyards that will increase the flow of light and air to the homes.
The main rendering shows expansive stretches of glass covering the middle levels of the building that are currently enclosed predominantly in brick, with the top floors retaining the same tight grid of narrow windows. A single glass-clad level will sit above the entire original parapet, followed by a nine-story glass volume with a staggered arrangement of balconies. All of the red masonry of the original structure will either be replaced or repainted a light beige as part of the modernization.
Homes will come in studio to four-bedroom layouts and feature ceiling spans as high as 12 feet. The converted floors will house around 50 units per level. Residential amenities will include a basketball court, a steam room and sauna, indoor and outdoor swimming pools, sports simulators, an outdoor rooftop lounge connecting to a landscaped terrace, coworking spaces, and entertainment spaces.
25 Water Street’s anticipated completion date is slated for November 2025, as noted on site.