The Real Deal New York

FiDi residential conversion hits market next week

May 24, 2012 04:00PM

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116 John Street (credit: PropertyShark) and a unit in the building

The redevelopment of a former Financial District office tower into a residential building is nearly complete and the 419 units will hit the rental market next week. Developer MetroLoft Management said the 35-story building at 116 John Street, at the corner of Pearl Street, will be available for occupancy in July.

Rents at the building, which MetroLoft is also marketing, will range from 450 square feet to 1,000 square feet and from $2,200 per month to $6,000 per month. Amenities include a rooftop lounge, an entertaining patio, a fitness center, bike room, refrigerated lobby storage and a 24-hour doorman. It also has a 7,600-square-foot ground-floor retail space.

“116 John is the only building coming online in the Financial District this summer and we expect people will be very interested in living in a prime Lower Manhattan address,” said MetroLoft CEO Nathan Berman.

While MetroLoft perserved much of the exterior architecture and the original finishes in the public spaces of the circa-1931, Louis Allen Abramson-designed tower, the firm added new terace doors at all setbacks and new windows.

The conversion began last April, when the building was 40 percent occupied, and MetroLoft has been offering incentives for office tenants to vacate the building.

MetroLoft, which is among the largest landlords in the neighborhood, is also behind the residential conversion of the 66-story tower at 70 Pine Street. — Adam Fusfeld

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