The 25 Water St. building has completed a significant transformation from a Financial District office tower to a residential complex with over 1,320 apartments. Following a two-year renovation, the structure now offers studio to three-bedroom units, with luxury amenities appealing to young professionals. In a changing real estate landscape, developers are capitalizing on the trend of converting underperforming office buildings into residential spaces as demand shifts. A portion of the units are set as affordable housing, addressing potential housing crises.
They can't compete as office buildings anymore," Nathan Berman, the founder of developer Metro Loft, told the New York Times. "And we're taking them, sort of, out of the race."
Not long ago, 25 Water St. was derided by its office tenants as fortress-like. The 55-year-old brutalist structure was originally built to house computers, hence the former facade's striking lack of windows.
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