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.

This initiative represents a broader trend in Manhattan, driven by high office vacancy and housing demand. Roughly 3.9 million square feet of office space have already been converted, with millions more in planning stages. GFP Real Estate is actively involved in other similar Manhattan conversions.