Construction is nearing completion on Pearl House, a 29-story office-to-residential conversion at 160 Water Street in the Financial District of Lower Manhattan. Designed by Gensler and developed by Vanbarton Group, the project involves the addition of three floors atop the parapet of the 24-story structure and the conversion of its 525,000 square feet of office space to yield 588 rental units in studio to two-bedroom layouts, as well as a suite of amenities. Compass Development Marketing Group is the exclusive leasing and marketing partner for the property, which is bound by Pearl, Water, and Fletcher Streets.
The three-story addition has been fully enclosed in its façade of gray paneling and floor-to-ceiling glass since our last update in July 2023, when the steel-framed superstructure remained exposed. Recent photos show the completed look of the pavilion, which features a stepped design of floor plates that will make space for outdoor terraces lined with glass railings. Work is ongoing on the surrounding parapet, which has been fitted with wooden floors and a perimeter of raised garden beds. Crews were seen preparing the dirt and planting should happen imminently. The new mechanical bulkhead has raised air conditioning units and two wooden water towers positioned along the northern end of the tower’s lot line wall against the abutting 180 Water Street.
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
The main rendering by Williams New York offer a glimpse of the outdoor terrace space on the upper floors that will provide views of the surrounding Financial District and the East River.
Rendering of sky terrace at Pearl House, by Williams New York
The building overhaul is being carried out with a $272.5 million loan from Brookfield Real Estate Financial Partners arranged by Cushman & Wakefield, and will also include upgrades to building infrastructure, renovated lobby and common spaces, and the construction of a suite of amenity spaces.
The property is located in close proximity to the Fulton Street station, which offers access to the A, C, J, Z, 2, 3, 4, and 5 trains. Further west are the E, 1, and PATH trains at the Oculus at the World Trade Center, and the R and W trains at the Rector Street station along Greenwich Street.
160 Water Street’s anticipated completion date is slated for September 2024, as noted on site.
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Fascinating, hopefully a model for other conversions of this type of office space!
“Dahling just give me a penthouse view”! 🤗
BTW… isn’t that the LEANING TOWER in the background? 🤔😳
Someone is getting a nice penthouse.
Only one with the view, which has been kept the secret for peace and private: Thanks to Michael Young.