The Real Deal New York

Kushner, CIM plan resi conversion for 2 Rector Street

Partners will turn $140 million office building into 452 apartments

June 18, 2015 04:50PM
By Rich Bockmann

2 Rector Street and Jared Kushner

2 Rector Street and Jared Kushner

Jared Kushner has decided to proceed with the residential conversion of a Financial District office building his company bought two years ago with partner CIM Group for $140 million.

Kushner Cos. and CIM plan to convert the 26-story, 470,000-square-foot 2 Rector Street into 452 apartments, according to an application with the City Planning department.

A spokesperson for Kushner declined to comment, but shortly after the real estate mogul purchased the building in 2013, he told The Real Deal he would consider swapping out office tenants for residential renters.

The building is almost 84 percent occupied. The largest tenant is ITHAKA, publisher of the higher-education academic library JSTOR, with a 26,000-square-foot lease running through 2022, according to CoStar.

The U-shaped building sits south of the World Trade Center site and across from Trinity Church in area where developers are converting a number of office buildings to residential use.

In January, Emmes Asset Management filed plans to convert the 457,000-square-foot 180 Water Street into a 601-unit residential property.

Rose Associates is near completion on its transformation of 70 Pine Street into a 1,000-unit rental tower and Alchemy Properties is building a $110 million penthouse atop its conversion of the Woolworth Building.