Latest news with #GFPRealEstate
New York Post
11-07-2025
- Business
- New York Post
NYC's former New York Stock Exchange swept up in burgeoning office-to-residential trend — with 382 luxe units to come
One of Wall Street's former hubs is trading finance employees for residents. GFP Real Estate has filed plans to convert 40 Exchange Place — a 20-story, 240,000-square-foot office tower in Manhattan's Financial District — into a mixed-use development with 382 residential units and ground-floor retail, according to the Commercial Observer. The project adds to a growing list of office-to-residential conversions sweeping the neighborhood, as aging commercial buildings grapple with high vacancy rates in the wake of COVID and shifting demand. Advertisement 5 The former home of the New York Stock Exchange at 40 Exchange Place in Manhattan's Financial District is set to become a 382-unit residential and retail development, marking another major office-to-residential conversion in the area. GFP Real Estate 5 The New York Stock Exchange was located in this edifice in the 19th century. Getty Images Originally designed in 1893 by architect John Townsend Williams, the building was once home to the New York Stock Exchange in the mid-19th century, between 1856 to 1865. Advertisement More recently, it has served as traditional office space, with some tenants — such as A360 Media — signing short-term or modest long-term leases. GFP acquired the property in 2015 alongside Northwind Group for $115 million and invested $20 million in renovations before Northwind exited the partnership in 2018. Yet Northwind maintained financial ties to the property, issuing a $50 million mortgage to GFP in early 2024. 5 GFP Real Estate filed plans this week for the 20-story building, following its earlier $288 million loan for a similar project at 222 Broadway. GFP Real Estate This isn't GFP's first foray into adaptive reuse. The firm partnered with Metro Loft and Rockwood Capital to redevelop 25 Water St. into a 1,320-unit residential complex — currently the largest office-to-apartment conversion in the country. Advertisement Its latest project at 40 Exchange Place follows a $288 million loan secured in January to redevelop 222 Broadway. The Financial District has emerged as a hot bed for New York's office conversion trend, driven in part by the city's 467-m tax abatement program. The initiative offers developers a 35-year tax break if at least 25% of the new units are designated as affordable housing. 5 GFP and Northwind Group acquired the building for $115 million in 2015, with GFP later taking full control. Google Maps 5 25 Water St. before and after the conversion. Stefano Giovannini/Streetsense Advertisement Nearby, developers have transformed several high-profile properties, including 55 Broad St., the former Goldman Sachs headquarters, now home to 571 apartments and 25,000 square feet of amenities. Other recent conversions include 77 Water St., 160 Water St., 111 Wall St. and One Wall. GFP did not return The Post's request for comment on the plans for 40 Exchange Place by press time. The current occupancy status remains in flux, as many leases are short-term and no formal timeline has been announced for vacating the offices.
Business Journals
14-05-2025
- Business
- Business Journals
Hampton Chutney Co. to return to Manhattan
Hampton Chutney Co. is returning to Manhattan after a four-year absence. The Hamptons-based café will occupy an approximately 2,800-square-foot space, located at 740 Broadway in NoHo, that includes around 1,300 square feet of ground-floor retail space and 1,500 square feet of basement space for storage. Coffee shop Felix Roasting Co. previously occupied the space. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events The lease is for 15 years. GFP Real Estate, the landlord, was represented by in-house by Neith Stone along with Newmark's Ross Kaplan and William Chaplin. CBRE's Spencer Levy represented the tenant. 'This high-visibility location puts them in the center of a vibrant neighborhood filled with students, locals, office workers and tourists — an ideal spot for the brand to reconnect with the city and reach a wide, diverse audience,' Stone said in a statement. Founded by Gary and Isabel MacGurn, Hampton Chutney Co. serves South Indian-inspired dosas and chutneys. The pair opened their first café in 1997 in the Hamptons' Amagansett hamlet. In 2001, they opened cafés in Manhattan in SoHo and on the Upper West Side. Aside from moving its SoHo cafe in 2015, according to Eater New York, the two cafés remained open until 2021, the company said. The MacGurns also relocated their flagship location to East Hampton Village that year. Now they're returning their café to Manhattan with the space in GFP Real Estate's 12-story, 152,000-square-foot building. Sign up for the Business Journal's free daily newsletter to receive the latest business news impacting New York.
