The NYC former branch in the New York Stock Exchange was involved in growing a luxury growing office-in-residency with 382 luxury units

One of the previous Wall Street centers is the trading of finance employees for residents.

GFP Real Estate has presented plans to turn 40 20-storey exchanges, 240,000 square meters in office tower in the Financial District Manhattan District Mixed with 382 residential and retail units, according to trade observer.

The project adds to a growing list of office converts that include the neighborhood, as aging buildings accumulate with high levels of vacancies in the wake of Covid and displacement question.

Originally created in 1893 by architect John Townsend Williams, the building was once home to New York in the mid-19th century, between 1856 to 1865.

Recently, it has served as a traditional office space, with some tenants-as they are the A360 media that signed for short-term or modest long-term rental.

The GFP won the property in 2015 along the Northwind Group for $ 115 million and invested $ 20 million in renovations before Northwind left partnership in 2018. However Northwind kept him financially, issued a $ 50 million death in GFP in early 2024.

This is not the first loss of GFP in adaptive reuse. The firm partized with Metro Loft and Rockwood Capital to redevelop 25 Water St. In a residential complex of 1,320 units-case–currently, the largest office conversion to the apartment in the country.

His latest project at 40 Exchange Place follows a $ 288 million loan secured in January to redevelop 222 Broadway.

The financial circle has appeared as a hot bed for the New York office conversion trend, partially run by the 467-M city tax reduction program. The initiative offers developers a 35-year tax if at least 25% of new units are designated as affordable housing.

Nearby, the developers have transformed several high-profile properties, including 55 Broad St., former Goldman Sachs’s seller, now the house of 571 apartments and 25,000 square meters of comfort. Other recent conversions include 77 Water St., 160 Water St., 111 Wall St. St. and a wall.

GFP did not return the post of commentary request on plans for 40 Place Exchange with press time. The current occupation status remains in the influx, as many rentals are short -term and no official timeframe has been announced for the dismissal of officials.