Leasing has launched at New York City’s SoMa, touted as the largest completed office-to-residential conversion to date in the nation. Once the former home of JPMorgan Chase, the National Enquirer, and The Daily News, the 32-story, luxury rental tower brings 1,320 apartments to South Manhattan.
GFP Real Estate, a vertically integrated owner, operator, manager, and developer, partnered with Metro Loft, a New York City developer and leader in the conversion space, and private real estate investment firm Rockwood Capital on the residential tower. In addition, the development team tapped architecture and design firm CetraRuddy to reimagine the original building.
“Converting office spaces into residential buildings has become a crucial strategy for reimagining New York City’s real estate landscape, with neighborhoods like the Financial District transforming into highly sought-after residential areas,” said Brian Steinwurtzel, co-CEO and principal of GFP Real Estate. “We’ve brought together an exceptional team to turn SoMa into a premier residential destination. This ambitious project required extensive efforts, supported by Metro Loft’s decades of conversion expertise, CetraRuddy’s refined vision, and Rockwood Capital’s financial backing, resulting in a residential product that truly stands out in today’s market.”
He added that SoMa is participating in both New York City’s Office to Residential Accelerator and the 467-m programs that are helping provide a substantial and diverse supply of new housing. It is noted to be the first residential conversion project to use the 467-m tax incentive, which is a key policy of mayor Eric Adams’ housing goal to produce 500,000 units over 10 years.
The units at SoMa range from studio apartments to expansive three-bedroom residences, including a limited number of penthouses at the top of the tower. The majority of the units have a home office, and most offer water and skyline views. Additional features include custom Italian kitchens outfitted with paneled appliances, in-unit washers and dryers, custom solar shades, and high-speed Wi-Fi.
CetraRuddy’s design also includes approximately 100,000 square feet of amenity space. A landscaped roof terrace features grilling stations, private dining, and an indoor serenity lounge. Indoors, the building has a basketball court, two private indoor pickleball courts, and the nearly 18,000-square-foot SoMa Athletic Club, which comprises a fitness center as well as training, pilates, and yoga studios. The building also features both indoor and outdoor pools. Wellness is also prioritized at the SoMa Spa with a steam room, a Himalayan salt room, and a relaxation room.
The building has a host of other offerings, including a private bowling alley, a virtual reality studio, sports simulators, a children’s playroom, a podcast room, a maker’s studio, music rehearsal rooms, and the SoMa Social Lounge with adjacent karaoke and poker rooms. The Nook also offers a co-working area with private Zoom rooms and a conference room. In addition, LIVunLtd. will provide lifestyle concierge services.
“While we’re well acquainted with the practice of adapting underutilized and vacant office and commercial structures into elevated residential offerings, SoMa presented a singular opportunity through its sheer scale,” said Metro Loft founder Nathan Berman. “The site and location possessed such great potential, making it a challenge worth undertaking. There is no other location in the surrounding area where you can live with such impressive water and skyline views within the context of such expertly crafted homes and communal spaces.”
CetraRuddy founding principal John Cetra noted the project is unprecedented in vision and scale.
“It has been an exciting experience to work with GFP and Metro Loft, two innovative developers who encouraged us to push the boundaries of residential conversions with this transformational project,” he said. “The 10-story structure we’ve added to the existing building is the largest and tallest such addition in New York City history and creates uniquely positioned apartments. … SoMA sets a high standard for what’s possible in giving new life to former office buildings.”
