The largest office-to-residential conversion in the nation is now on the market, featuring 1,300 apartments created from a million-square-foot brick structure that was originally designed for computer operations. After a two-year renovation, the 55-year-old building in Manhattan’s financial district, which previously processed checks and money transfers for Manufacturers Hanover Trust and later for JPMorgan Chase & Co., has undergone a dramatic transformation.
The intricate brickwork that once defined the façade of 25 Water St. has been replaced with new windows, and the remaining reddish-brown bricks, originally chosen to complement nearby historic buildings, have been painted white. Two light wells have been added to the expansive floor plates, which exceed 40,000 square feet, and ten additional stories have been constructed on top. Inside, 100,000 square feet of amenities, including pickleball courts, a pool, a gym, and a spa, have been developed from what was once a cafeteria for bank employees.
This transformation is part of a long-term evolution of the area, which has been accelerated by the Covid-19 pandemic that significantly reduced demand for outdated office spaces. Although tower vacancies in the district remain among the highest in New York, the influx of condos and rentals has contributed to an unprecedented population growth in Manhattan. Nathan Berman, founder of Metro Loft, one of the developers involved in the project, remarked on the remarkable creation of light and air in the building, likening the new amenities to a private Chelsea Piers.
Originally designed with a brutalist aesthetic, the building featured narrow inset windows arranged in a pattern reminiscent of an IBM punch card, making it uninviting by design. The Architectural Forum noted in a 1970 article that “computers cannot look out of windows,” highlighting the air conditioning needs of the machines as a reason for the absence of windows. The building changed ownership multiple times through bank mergers that ultimately led to the formation of JPMorgan. Although the bank sold the property during the financial crisis, it continued to lease it for various non-customer-facing roles until staff were relocated to offices in midtown or Brooklyn.
JPMorgan’s lease was set to expire in 2025, and prior to the pandemic, the building was approximately 70% leased. It was sold again in 2022 for $251 million to Metro Loft, Rockwood Capital, and GFP Real Estate, after occupancy plummeted to around 10%.
