Bringing a significant shift in the architectural landscape of New York, an office building at 222 Broadway is set for conversion. The project will transform the office space for residential use in the Financial District of Lower Manhattan. The development will include both housing units and commercial spaces.
Highlights
- A 31-story building will be transformed into a 798-residential apartment complex in the Financial District of Manhattan.
- GFP Real Estate and TPG Real Estate are developing the property.
- Developers are hoping to complete the latest NY-based development by 2027.
Lower Manhattan’s Office Lot Makes Way for New Residential Development
In a positive shift for aspiring homeowners in Manhattan, GFP Real Estate and TPG Real Estate are gearing up to transform a 31-story building into a residential space. Located at 222 Broadway, the latest project will convert a 770,416 sq. ft. office building into 798 rental units.
Additionally, the developers are planning to build a commercial space spread over a 40,000 sq. ft. area in the Financial District of Lower Manhattan. The $43.6 million revamp project will include partial re-cladding of the building’s mid-century façade. Plans also call for the construction of a 40-foot extension above the parapet.
If implemented according to the city’s permits, the newly remodeled project will take the total height of the building to 430 feet. CetraRuddy will be in charge of designing the latest project.
The Manhattan-based residential development will be bordered by Ann Street to the north, Broadway to the west, and Fulton Street to the south.
Initial Design Plans for the Upcoming Development
According to current designs, the new Manhattan-based residential development will offer residents a roof-level amenity deck. The presidents will also have access to an outdoor swimming pool and an additional terrace as amenities through the project.
The revamp project will add an extra floor to the existing 31-story office building. However, the building’s interior square footage will decrease to 724,000 sq. ft.
Groundwork Has Begun for the New Development at 222 Broadway
Preparations have started for the latest revamp project in the Financial District of Lower Manhattan. As workers began working on the façade through suspended scaffolding rigs, a sidewalk shed was installed around the site.
Apart from this, ventilation grills have been covered at the office building as interior works have started. The ground-floor retail tenants remain open during construction.
Timeline and Financial Aspects of the Manhattan Project
GFP Real Estate and TPG Real Estate are hoping to complete the office building renovation by May 2027. For the same, the developers managed to get $288 million in construction financing from BDT & MSD. Newmark was the broker in the deal.
Last spring, the Manhattan Project developers bought the office lot for almost $146.5 million.
The latest redevelopment project of the Financial District in Manhattan hints at a living space that is a mix of thoughtful urban planning and modern residential amenities.
