Partial Office-to-Residential Conversion Planned for 2 Wall Street
By Isabelle Durso November 1, 2024 5:11 pm
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As New York City experiences a wave of office-to-residential conversions, one more project has been added to the list.
Property manager Newmark (NMRK) filed plans this week on behalf of owner Fieldstone Capital for a partial conversion project at 2 Wall Street, according to a filing with the city’s Department of Buildings. PincusCo first reported the news.
The proposal calls for portions of floors eight through 21 of the 21-story Financial District tower to be converted into 121 residential units, records show. Aside from apartments, those floors will feature coworking spaces, game rooms and a lounge, while the lower floors of the building will remain office space, Crain’s New York Business reported.
Newmark’s Rachel Wooten Barley filed the permits, and Ventrop Engineering Consulting Group was listed as the engineer on the project, according to the filing.
Fieldstone, an entity owned by Patrick Hotung’s Aegis Asset Management, acquired the 173,159-square-foot 2 Wall Street between Broadway and Nassau Street in 1996 for $13.7 million, PincusCo reported.
Hotung sold a stake in the building for $25 million in September, but the buyer was named only as entity 2 Wall Street Property, according to PincusCo.
Newmark declined to comment, while a spokesperson for Aegis could not be reached for comment.
The new proposal follows several other office-to-residential conversions in the works in the Financial District. These include 80 Pine Street, where developer Bushburg is looking to turn the 1.2 million-square-foot office property into residential use, as Commercial Observer previously reported.
And at 111 Wall Street, Metro Loft Management and InterVest Capital Partners plan to turn the 24-story office building into 1,350 apartment units, CO reported. Metro Loft also recently started renting units at 55 Broad Street — which it converted from office with Silverstein Properties — and tenants are set to move in by the end of the year.
There’s also conversions underway at 25 Water Street, 160 Water Street, 90 John Street and 17 Battery Place.
Isabelle Durso can be reached at idurso@commercialobserver.com.
