OFFICE OF THE NYC COMPTROLLER, JULY 17, 2025
Office-to-Residential Conversions in NYC: Economics and Fiscal Estimates.
Source W3: https://comptroller.nyc.gov/reports/office-to-residential-conversions-in-nyc-economics-and-fiscal-estimates/
Selected faithful excerpts and explicitly labeled summaries. This retrospective source was NOT available to the December 2022 analyst. The study's stylized citywide financial model is NOT an actual 25 Water Street bid or budget.

The report's 25 Water Street case study says an approximately $251 million December 2022 acquisition. Table 3 reports 25 Water Street post-2020 sale deed recorded December 28, 2022 at $240 per gross square foot; the December 22 analyst could not rely on a later deed or retrospective calculation.

The report states: "Finally, it should be noted that tax benefits are available retroactively to projects that started since January 2023. Two such project qualified for 467-m exemptions: 25 Water Street ... and 55 Broad Street." It states the program was enacted in May 2024 and requires 25% income-restricted apartments under its rules. In its 25 Water Street case study it reports 330 income-restricted apartments, alongside the conversion's 1,320 total. It reports leasing underway when the study was prepared.

For general Manhattan conversion examples, not for 25 Water Street, its Table 5 models conversion cost of $500 per gross square foot and 75% rentable-to-gross efficiency, with different hypothetical residual land values with and without 467-m. DO NOT import either stylized input into a 2022 project-specific pro forma or claim a 25 Water Street break-even number from them. The full DOB test fit, contractor budget, loan draw schedule and actual residential NOI remain unavailable in these supplied public documents.