NEWMARK GROUP, DECEMBER 22, 2022 FINANCING ANNOUNCEMENT
Source W1: https://www.prnewswire.com/news-releases/newmark-arranges-535-8-million-acquisition-and-redevelopment-financing-for-us-largest-ever-office-to-residential-conversion-301709191.html
Selected faithful excerpts of the original contemporaneous announcement. This is a financing and proposed-conversion announcement, not architect's permit plans or a priced project budget. See SOURCES.csv.

"Newmark has arranged a $535.8 million loan on behalf of GFP Real Estate ('GFP'), Metro Loft Management and Rockwood Capital for the acquisition and redevelopment of 25 Water Street. 25 Water Street is a 22-story, 1.1 million-square-foot office building in New York City's historic Financial District."

"Upon redevelopment, the property will be refitted to feature approximately 1,300 residential units ranging from studios to four-bedrooms. The property's 12'4\" slab-to-slab ceiling heights and expansive 40,330-square-foot floor plates provide an attractive canvas for residential conversion."

"Built in 1969, 25 Water Street enjoys uninterrupted light and air on three sides, offering broad views of lower Manhattan and New York Harbor from all floors."

The release claims these dimensions and plans, but contains no measured facade window schedule, permitted unit test fit, hard/soft construction bids, unit-specific rents, stabilized net operating income, loan draw dates or coupon, acquisition consideration, tax treatment, or sale proceeds. The loan amount is acquisition AND redevelopment financing, not purchase price or total cost. In December 2022, do not treat future entitlements or later-enacted tax incentives as known facts.