What is being developed at 40 Exchange Place?

The 20-story, 1893-built office building at 40 Exchange Place is being converted into 382 residential apartments, including market-rate and affordable housing.

How much financing was secured for the 40 Exchange Place conversion?

The project secured approximately $192 million in construction financing from Derby Lane.

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Iconic NYC Building Becomes Luxury Apartments

Q: What incentives support the conversion of 40 Exchange Place?

The conversion is supported by federal and state historic rehabilitation tax credits and a 35-year tax abatement.

5 Feb

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Summary

Historic 1893 Manhattan office building converted to 382 residential units.
Project secures $192 million in construction financing for conversion.
Utilizes historic tax credits and a 35-year tax abatement for support.

Iconic NYC Building Becomes Luxury Apartments

GFP Real Estate is converting the 20-story, 1893-built 40 Exchange Place in New York's Financial District into 382 apartments. This project includes a mix of market-rate and affordable housing, alongside ground-floor retail and amenities. The conversion received about $192 million in construction financing, provided by Derby Lane.

A team from Newmark arranged the loan, highlighting significant lender interest in such office-to-residential conversions. This redevelopment is supported by federal and state historic rehabilitation tax credits and a 35-year tax abatement, crucial for its financial viability.