FiDi’s 64 Fulton Street Set for Residential Conversion

What is an old Class C New York office property if not a collection of shiny new Class A apartments waiting to be built?

Yet another Class C office building has found its true purpose, as Flatiron Real Estate Advisors, in a joint venture with Albert Dweck of Duke Properties and Virgilio de la Piedra of Oceanica Partners, will convert most of the 125-year-old office building at 64 Fulton Street in the Financial District to apartments. 

New York Business Journal first reported the news.

The 11-story building currently has 48 commercial units and three residential units. Post-conversion, the 41,369-square-foot building will have 49 residential units spanning floors three through 11. The current plan calls for the units to consist of 18 studios, 22 one-bedrooms and eight two-bedrooms with two loft tenants remaining — though Steven Ancona, Flatiron’s president, told Commercial Observer in an email that the plan might be tweaked. Unit sizes are expected to range from 325 to 900 square feet. The project will benefit from the city’s 467m tax-abatement program to make 12 of the units affordable.

The building’s two lowest floors will consist of a residential lobby and 6,700 square feet available for commercial tenants. Space for bicycle parking will also be available.

Ed Carroll of SRA Architecture + Engineering will be the project’s architect. MJM Associates Construction will handle construction management, and Tony Rini of Mottola Rini Engineers will be the lead MEP Engineer. The conversion is expected to cost $3.9 million.

Construction is expected to begin this month, with completion predicted in 2026.

Ancona told CO that he and his partners bought into the existing ownership entity in December 2024, bringing fresh capital for the conversion with them, as the property had ideal qualifications for a conversion.

“We saw this property as perfectly located with the structural attributes that are ideal for residential conversion,” Ancona said in an email to CO. “The Seaport District has become an amazing 24/7 neighborhood, with places like the Tin Building and Pier 17 steps away. Zoning to convert to residential is as-of-right, there is a high ratio of windows allowing for well-lit apartments and great options for room configurations, and relatively small floor plates with a central core. The building has beautiful high vaulted ceilings, great views, and a classic loft feel. We’re looking forward to creating a fantastic living experience for our future tenants.”

While Ancona did not mention a purchase price, Traded lists the property as selling on Dec. 6, 2024, for $18.9 million,  or $456 per square foot based on a cited square footage of 41,369 square feet. The site also has Maurice Suede, Eric Roth, Brett Siegel & Tyler Signora from Newmark representing the deal, though it’s unclear whether they represented the buyer or the seller.

Newmark did not immediately respond to a request for comment.

Larry Getlen can be reached at lgetlen@commercialobserver.com