Developer Files Plans to Convert Manhattan’s 16 Beaver Street to Apartments

Manhattan’s Financial District is becoming better known as a neighborhood of office-to-residential conversions than as the business hub that’s home to Wall Street. 

Brooklyn-based development firm Twin Group Associates, owned by Solomon Schwimmer, filed plans with the New York City Department of Buildings to convert a six-story office and retail building at 16 Beaver Street in the Financial District into an 11-story, 50-unit apartment complex. 

Plans for the building, which has a Burger King at its base and is about three blocks from the Bowling Green subway station, were filed last week, according to PincusCo, which first reported the application. Twin Group did not immediately respond to a request for comment. 

Twin Group’s plans suggest its office-to-resi redevelopment will be a more modest residential building than some of the others adorning the Financial District, including SoMa at 25 Water Street and 55 Broad Street. Both of those residential buildings offer luxury amenities such as rooftop lounges, swimming pools, coworking spaces and wellness studios. 

The residential building coming to 16 Beaver Street — assuming the plans are approved — will feature no such amenities, but will have a residents’ lobby and 25 spaces for bicycle parking.  

Over the last couple of decades, the Financial District has evolved from a 9-to-5 business neighborhood to more of a 24-hour live, work and play area. Several more office-to-residential conversions are planned for the area, including Vanbarton Group’s projects at 77 Water Street and 40 Exchange Place. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.