Residential Conversion of Financial District Bldg

25 Water Street, an iconic financial district building, is getting a residential facelift.
With a $535.8 million loan arranged by Newmark for GFP Real Estate, Metro Loft Management, and Rockwood Capital, the 1.1 million-square-foot office building will be bought and redeveloped in the largest ever office-to-residential conversion in the United States.

The renovation of the 22-story building is being redone to include some 1,300 residential units of varying size (studios to four-bedrooms). Amenities in the building will include a basketball court, steam room/sauna, indoor and outdoor pools, and other sporting/fitness equipment. There will also be a sky lounge, a rooftop garden terrace, and spaces for entertaining and coworking.

The property was built in 1969 and showcases views of lower Manhattan and New York Harbor from each floor. It sits on a double-wide street corridor with the widest exposure facing Water Street.

US Economic Optimism

There was a jump in stocks this month with large investment firms reporting strong results.  October’s earnings reports managed to calm investors. Labor market and inflation numbers were good and provided optimism for those concerned with higher rate estimates.

There have been drops in unemployment too as fewer Americans are collecting benefits – the lowest for 19 months, dropping to less than 300,000. Indeed, according to chief U.S. economist at High Frequency Economics, Rubeela Farooqi:

“The data support the narrative that businesses are increasingly reluctant to let go of workers amid a severe supply shortage. But it is still not clear if the expected supply surge that failed to materialize in August and September will appear going forward.”

The fact that the coronavirus Delta variant’s impact on the economy is waning has also been helpful. While of course the pandemic and its repercussions are still very much a part of everyday life, the emergent panic has waned. 

That’s not to say that there is not a huge – and justified – concern about increasing costs, labor and supply chain issues. But at least the above news is giving optimistic hope for economists in some areas.

Remembering the First Woman on the NYSE

Muriel Siebert, the first woman to have a seat on the New York Stock Exchange, has passed away from cancer. She was the founder and president of Muriel Siebert & Co. Inc. She purchased her seat in 1967, almost an entire decade before any other woman did so. 
While there was dramatic opposition from the all-male membership when she originally tried to get a seat, she eventually won her case.
As Joseph Ramos, the Siebert Financial chief operating officer, said “Mickie was a pioneer and recognized as a leader throughout the financial services industry and beyond. She was respected as a strong voice of integrity, reason and sound business practices.”
She became the first woman to be the Superintendent of Banking for the State of New York.