Latest FiDi office-to-rental conversion begins

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Another Financial District office tower is set to undergo a residential conversion. According to the New York Times, Metro Loft Management is converting 116 John Street, one of the last remaining office towers on John Street’s eight-block strip, into a 418-unit rental development. Metro Loft recently bought into a joint venture at the 35-story building with owner Hacienda Intercontinental Realty and now plans to renovate in phases as the office tenants clear out. (The 350,000-square-foot building is currently around 40 percent occupied, but the owners are offering tenants “minor incentives” to leave, Metro Loft principal Nathan Berman said). Avinash K. Malhotra Architects, the team behind 2 Gold Street, is overseeing the $100 million project. Leasing is expected to begin next year, with studios, one-bedrooms, two-bedrooms and some three-bedrooms on offer for between $2,000 and $5,000 per month. Amenities will include a concierge, roof deck, lounge and two gyms. [NYT]