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GFP, MetroLoft Eye Conversion of 25 Water Street to Apartments

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From left: 25 Water Street, Michael Dell of MSD Capital, Nathan Berman of Metroloft, Jeff Gural of GFP Real Estate (Getty, Google Maps)

Jeff Gural’s GFP Real Estate, Nathan Berman’s Metroloft and Rockwood Capital are planning to convert 25 Water Street into about 1,200 rental apartments, making it possibly the largest office-to-residential conversion by unit count in New York City. will be

The group is seeking a $500 million construction loan from Michael Dell’s MSD Partners for the conversion, sources familiar with the deal said. genuine articleMSD Partners manages the capital of investors including Michael Dell and his family.

Gural and MetroLoft have gone Contract We plan to purchase an office building early this year. Sources say it will be closed by the end of the year.

GFP, Metroloft and Rockwood will acquire the property, formerly known as 4 New York Plaza, with a $250 million face value loan from the property’s lender, DekaBank. Newmark’s Evan Layne and Brett Siegel led marketing for the loan sale. Current owner Edge Funds plans to hand over the keys to his GFP-led group through deeds in lieu of seizure, sources say.

The transaction is expected to close by the end of the year.

Newmark team led by Dustin Street Jordan Roeschlaub negotiated a construction loan. The company declined to comment.

The 22-story, 1.1 million-square-foot site has long served as JP Morgan’s back office.But the bank is about to sublease a good chunk of his 700,000 square feet and prepares to integrate employees into its under-development headquarters. 270 Park Avenue.

Edge Companies and HSBC Alternative Investments have acquired the Water Street building from Harbor Group International. $270 million in 2012.

Harbor Group acquired the building from JP Morgan in 2010 for $107 million.

In late 2020, the property was marketed by CBRE’s Darcy Stacom and Bill Shanahan.

Metroloft is one of the most active office-to-residential converters. Scheduled to close at 30 stories 55 Broad Street Allowing the Financial District to start converting long-planned properties. We are contractually partnered with Silverstein.

The largest office-to-residential conversion to date is Harry Macklow’s 1.2 million square feet. one wall street, debuted this year. The building has 566 condominiums.

GFP, Metroloft and Rockwood did not respond to requests for comment.

Rich Bockmann contributed to the report.

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