The skyline of Lower Manhattan is undergoing a dramatic transformation, and leading the charge is 25 Water Street. Once a fortress-like office block known for minimal windows and cavernous floor plates, the building has been reborn as SoMA — a 1,320-unit luxury rental tower and the largest office-to-residential conversion in U.S. history.
From Bank Operations to Luxury Rentals
Originally constructed in the late 1960s for operations by Manufacturers Hanover Trust (later inherited by JPMorgan Chase & Co.), 25 Water Street spent decades as a utilitarian office tower. Narrow, irregular windows — typical of a “computer fortress” — reflected its original function.
But in 2022, developers GFP Real Estate, Metro Loft Management and Rockwood Capital acquired the building, ready to reimagine its purpose.
Over two years, the structure underwent a gut renovation:
- • The original brick façade was replaced with modern glass curtain walls and large windows, flooding interiors with natural light.
- • A 10-story overbuild was added — boosting the tower’s residential potential significantly.
- • The 1.1-million square foot interior was re-configured to house 1,320 rental apartments ranging from studios to three-bedrooms, with many units offering impressive ceiling heights and water/city skyline views
A Full Amenity Lifestyle — Spa, Pools, Courts & More!
SoMA isn’t just about living space — it’s about lifestyle:
- • Over 100,000 sq ft of amenities: an indoor 75-ft pool, outdoor pool on the 25th floor, spa (including steam room, sauna), Pilates and yoga studios, full-service athletic club and training rooms.
- • Recreational features: basketball and pickleball courts, sports simulators, bowling alley, coworking spaces, lounge areas, rooftop terrace and outdoor landscaped spaces for relaxation and socializing.
- • Unit interiors are modern and high-end: in-residence washers/dryers, custom kitchens, high-speed internet infrastructure, and thoughtful layouts tailored for living and work-from-home lifestyles.
Affordable Housing and Incentives — SoMA’s Social Impact
SoMA is also notable for being the first conversion project to use the state’s 467-m tax incentive — part of a broader push to address NYC’s housing shortage. Under this program, a portion of units are designated as income-restricted affordable housing.
In March 2025, a housing lottery opened for 330 of SoMA’s apartments, making it one of the largest affordable housing lotteries tied to a conversion project citywide. Studios and multi-bedroom units are available to households earning 40–90% of Area Median Income (AMI).
What It Means for Lower Manhattan & Real Estate Trends
- • 25 Water Street’s transformation signals a broader re-imagining of FiDi — once dominated by finance and office towers — into a 24/7 residential neighborhood. The shift aligns with growing demand for housing, especially among renters seeking modern amenities downtown.
- • For developers and investors, SoMA sets a new benchmark for adaptive-reuse conversions: large scale, full-amenity offerings, premium finishes, and inclusion of affordable units under city/state incentives.
- • For prospective renters and buyers, SoMA offers a rare mix — downtown location, high-end lifestyle amenities, and access to affordable housing options.
With construction wrapping up in 2025 and leasing already underway, SoMA is more than a building — it’s a blueprint for what downtown living in NYC can look like in the post-office era.
