Plans were filed this week for another office-to-residential conversion in the Financial District. GFP Real Estate on Wednesday filed a permit application to convert the 20-story building at 40 Exchange Place into a mixed-use development with 382 apartments and retail space, as first reported by The Real Deal. The project is GFP’s latest conversion effort, following a $288 million construction loan secured in January for a similar project at 222 Broadway.
Designed in 1893 by architect John Townsend Williams, the building—formerly known as the Lord’s Court Building—was the site of the New York State Exchange from 1856 to 1865, according to GFP.
GFP and Northwind Group purchased the building in 2015 for $115 million and invested $20 million in renovations. Northwind sold its stake to GFP in 2018 but didn’t fully abandon the property, issuing a $50 million first mortgage to GFP in 2024 secured by the building.
Currently used as office space, it’s unclear when the building will be vacated. In 2023, several tenants signed short-term lease renewals, while A360 Media signed a four-year lease for 15,000 square feet that same year, according to the Commercial Observer.
While GFP declined to comment on the filing, the firm has extensive experience with office-to-residential conversions. It partnered with Metro Loft and Rockwood Capital to convert 25 Water Street into 1,320 apartments—the largest project of its kind in the country.
The Financial District has become the epicenter of New York City’s office-to-residential conversion boom. Many aging buildings in the area have sat vacant or at well below capacity. Developers are also incentivized by the city’s 467-m program, which offers a 35-year tax abatement for projects that designate 25 percent of new apartments as affordable housing.
Other projects include 55 Broad Street, the former Goldman Sachs headquarters, redesigned by CetraRuddy and developed by Metro Loft and Silverstein Properties. The building features 571 apartments and 25,000 square feet of amenities. Nearby, developers have also converted 77 Water Street, 160 Water Street, 111 Wall Street, and 1 Wall Street into homes.
RELATED:
Interested in similar content?
