The Real Deal New York

Emmes converting FiDi office tower to residential

180 Water Street to contain 600 apartments

January 28, 2015 01:24PM

180 Water Street in the Financial District

180 Water Street in the Financial District

In yet another example of the Financial District’s push into the residential market, Emmes Asset Management filed permits to convert an office building at 180 Water Street into a residential property with 601 units.

The developer paid $151 million for the 25-story tower in 2013. The sole tenant, the city’s Human Resources Administration, is about to relocate to 4 World Trade Center, making conversion all the easier, according to New York YIMBY.

Aside from ground floor retail that will take up 10,500 square feet, the entire building’s 457,000 usable square footage will be residential, with 20 apartments per floor. The building’s height will also increase, from 25 stories to 32.

Last March, Emmes purchased the nearby 160 Water Street for $160 million, but has not filed plans to alter the building. In November, Emmes went into contract to sell a Noho mixed use building for $56 million. [NY YIMBY] — Tess Hofmann

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