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The Financial District leads the city in office-to-residential conversions

January 2024

The Financial District (FiDi) leads the city in converting offices to housing, with ~2,459 units under construction. This includes 25 Water Street, the largest office conversion project in the United States (by unit count), which will create ~1,300 units.

The neighborhood continues to evolve from its start as the world's commercial capital into a welcoming residential neighborhood. FiDi office-to-residential conversions

• 25 Water Street - 1,300 units
• 160 Water Street - 588 units
• 55 Broad Street - 571 units

Total units: 2,459

Estimated population growth: +4,499 people¹

¹Based on 1.83 average person's per household. Avg. taken from 2020 Census data for Manhattan tracts: 7, 1, 5, 9, 13, 15.01, 15.02, 319. View data source.

Top 5 Neighborhoods²

1. FiDi - 2,459 units
2. Astoria - 631 units
3. Penn - 615 units
4. Times Square - 224 units
5. East Harlem - 179 units

²Data first reported by TRD Data.

Why it matters

• FiDi can be a blueprint for developers interested in leveraging Mayor Adam's Office Conversion Accelerator program.
• FiDi can inspire civic leaders looking to transform their neighborhoods with higher-density housing.
• FiDi is becoming the low-key "it" neighborhood with new housing, plentiful public transit, iconic architecture, and waterfront access.