Archinect - News

64 building owners express interest in entering NYC's Office Conversion Accelerator program

2024-05-23T14:31:00-04:00

New York City's recently launched Office Conversion Accelerator Program has drawn interest from 64 building owners in Manhattan as planning officials mull changes to help speed up the process intended to deliver 20,000 new units of housing by 2033.

The market for conversion in Lower Manhattan has thus far yielded 2,100 new units in four converted buildings, highlighted by CetraRuddy's forthcoming effort at 25 Water Street, the largest conversion project in the country.

Still, as Gothamist reports: "The office conversion plan aims to produce thousands of new apartments, but none so far will be within reach for low-income New Yorkers who bear the brunt of the city’s housing shortage."

A potential game-changer is the proposal, backed by Mayor Eric Adams, to move the eligibility of conversion permits to include buildings constructed after 1990. Most of the conversions have targeted L...

CetraRuddy to design landmark office-to-residential conversion at 55 Broad Street in Manhattan

2023-08-07T11:24:00-04:00

A bellwether overhaul of the aging Emery Roth & Sons-designed 55 Broad Street office tower in Lower Manhattan will be undertaken by CetraRuddy in what is billed as one of the New York market’s largest office-to-residential conversion projects in recent memory.

The project for developers Silverstein Properties and Metro Loft Management will commence early next month and culminate in a reimagined 410,000-square-foot structure replete with 571 new apartment units, a private club, 45-foot-long rooftop pool feature, and other amenities.

Rendering courtesy Silverstein Properties

The firm’s founding partner and CEO John Cetra explained of their forthcoming design: “We took advantage of 55 Broad’s unique form with setbacks which enabled us to design a variety of apartment sizes and types ranging from efficient units to loft-like layouts with generous terraces. In converting the building from commercial to residential use, we recaptured floor area that was then used to add additional square ...