The race to convert empty office space into much needed residential units is on, and the country’s largest completed conversion has officially launched leasing. Named SoMA, the building is located one block east of Battery Park at 25 Water Street. Led by development firms GFP Real Estate and Metro Loft, the architecture and interior design firm CetraRuddy reimagined the building once home to JPMorgan Chase, the National Enquirer, and the Daily News.
Now outfitted with 1,320 apartment units, potential tenants have options ranging from studios to three-bedrooms, many of which have home office spaces. There’s also approximately 100,000 square feet of amenity space, including a bowling alley, arcade, sports simulators, karaoke room, and coworking area.
“As architects who have planned and designed residential conversions across New York City for nearly four decades, it’s no exaggeration to say that SoMa is a unique and completely unprecedented project in both scale and vision,” said John Cetra, FAIA, Founding Principal of CetraRuddy. “We’re thrilled to be a part of the team responsible for this building’s transformation.”
Model apartments have been staged by Ash. Compass Development Marketing Group is the property’s exclusive leasing and marketing partner.
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RFR Holding has officially been evicted from the Chrysler Building
Six years ago, the Chrysler Building’s leasehold was purchased by two real estate companies, RFR Holdings and Signa. Though the latter dropped out in 2023 following the orders of an Austrian judge, RFR was just evicted from the building. During RFR’s tenure, it has grown increasingly “haggard,” as one developer source described it to Curbed. The land that the building stands on has belonged to Cooper Union since 1902, so now that RFR and Signa are no longer attached, the building is officially under Cooper Union’s leadership. Cooper Union took over operations in November, but the new judge ruling makes RFR’s lease termination official.
“RFR could never overcome the basic fact that they were in arrears to the tune of $21 million and had not paid rent in months. Despite their desperate attempts to shift the focus, the problem has always been their continued failure to meet their obligations,”the vice president of finance and administration at Cooper Union, John Ruth, said in a statement shared by Commercial Observer.
On Wednesday, January 28, Manhattan Supreme Court Judge Jennifer Schecter ruled that RFR must vacate and surrender the property, marking the official beginning of a new chapter for the Chrysler building. “We appreciate the court validating our position, and we look forward to working with Cushman & Wakefield, Savills and our team to assume full management of the property so we can implement a long-term plan to improve the tenant experience and maximize the building’s value,” Ruth continued.
