The Financial District is about to make room for even more residents, as the Moinian Group announced Wednesday its latest office-to-residential conversion project at 17 Battery Place.
Utilizing New York State’s 467m program — which provides tax incentives for the conversion of non-residential buildings — Moinian will convert approximately 150,000 square feet across five floors of the historic office property’s Building A into 220 apartment dwellings.
“The transformation of 17 Battery Place represents a significant step in reimagining Lower Manhattan’s built environment, as we convert a historic office property into much-needed housing,” Larry Bremer, senior vice president of development at Moinian, said in a statement. “By thoughtfully repositioning this building, we are preserving its legacy while delivering modern residences, including meaningful affordable housing, in one of New York City’s most dynamic neighborhoods.”
Construction on the 220 residences — 25 percent of which will be designated as permanently affordable — is now underway, with completion expected in the first quarter of 2027.
The redevelopment will also include a rooftop terrace, recreation space, and a fully redesigned lobby. A Life Time fitness branch will anchor the building’s retail space, which already includes Mediterranean and Asian restaurant Terravita.
News of the new conversion plans at the 31-story building overlooking Battery Park comes after Moinian already completed the first phase of redevelopment at the property, which included converting the top floors to 138 residential units.
“Following the successful completion of the initial phase of the conversion, which delivered over 90,000 square feet and 138 residential units, we are continuing to build on that momentum by transforming additional underutilized office space into high-quality housing, contributing to New York City’s housing supply while demonstrating how existing assets can be efficiently repositioned to meet evolving demand,” Alex Aghravi, senior project manager of development at Moinian, said in a statement.
New York City has been facing a years-long and historic housing crisis, with the vacancy rate hitting a low of 1.4 percent in 2023, ticking up ever so slightly to 1.89 percent in 2025, according to research from the Corcoran Group.
In an effort to combat the housing shortage, the city and state of New York rolled out a series of programs, including 467m, to incentivize the development of more affordable housing.
Manhattan’s Financial District has become a hub for office-to-residential conversions. Other such projects in the area include SoMA at 25 Water Street, Pearl House at 160 Water Street and 55 Broad Street.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
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