Inside NYC’s $800,000,000 Office-to-Residential Conversion | SoMA at 25 Water Street

Welcome to another episode of The Skyline Report, created by DCRE TV!
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Today, we’re diving deep into one of Manhattan’s most ambitious adaptive reuse stories: the $787 million transformation of 25 Water Street into SoMA, the largest office-to-residential conversion in U.S. history.
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The Asset:
Originally known as 4 New York Plaza, this 22-story, 1.1 million SF office tower (built in 1969) is now a 32-story residential community featuring:

🏘️ ~1,300 residential units

💸 330 affordable apartments (40–90% AMI)

🌇 100,000+ SF of indoor/outdoor amenities including:

Bowling lanes 🎳

Pickleball courts 🏓

Yoga studios 🧘

Game lounges 🕹️

Rooftop terraces 🌆
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The Capital Stack:
Acquisition Price: $251 million (2022)

Financing: $536 million in conversion financing

Estimated Total Cost: ~$787–800 million
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Key Participants:
Developers: Metro Loft Management, GFP Real Estate

Equity Partner: Rockwood Capital

Architect: CetraRuddy Architecture

General Contractor: Pavarini McGovern

Structural Engineer: GMS Consulting Engineers

Capital Providers: Bank OZK, Related Fund Management
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Why It Matters:
SoMA isn’t just a conversion — it’s a blueprint for urban evolution. As NYC grapples with office vacancies and housing shortages, 25 Water shows what’s possible when vision meets capital.

From a windowless fortress to a community-first vertical neighborhood, SoMA is helping redefine downtown living in the Financial District.
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🎬 Creator: Nylz Reyez
📸 Videographer: Quan Kareem
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#DCRETV #SkylineReport #25WaterStreet #SoMA #OfficeToResidential #AdaptiveReuse #NYCRE #RealEstateDevelopment #MetroLoft #GFPRealEstate #RockwoodCapital #CetraRuddy #BankOZK #RelatedFundManagement #CRE #FinancialDistrict #MultifamilyNYC #DCRE #BlackInCRE #RealEstateMedia #NYCSkyline #DCRETV