The largest office-to-residential conversion in the country has started renting its first apartments, but they are not cheap.
The former JPMorgan building, originally built to house computers, offers apartments in the Financial district of Manhattan for $ 10,000 a month.
The expensive rental properties vary from $ 3,000 per month studios to $ 10,000 a month for three bedroom apartments.
Expensive apartments on the highest floors of the buildings, where rent will reach $ 12,000, will also be on the market in the coming months.
About a quarter of the apartments of the building, however, will be offered at reduced rates through a government scheme that gives developers tax benefits in exchange for affordable homes when the project is completed.
Renovation of the bank building of a million square foot on Water Street, just four blocks from Battery Park in the center of New York City, took place for two years.
10 further stories were added to the skyscraper, as well as tenants parking and a roof.
Luxury facilities for residents include pickleball jobs, co-working spaces, an outdoor swimming pool, a gym and a spa.
Much of the external brickwork has been removed and replaced by Windows
'Making light and air where there is not, and creating the number of units created, it is simply astonishing,' Nathan Berman, founder of Metro Loft, one of the projects of the project, told Bloomberg of the project.
“Downstairs they actually created a private -chelsea piers.”
The 55-year-old colossus was usually used to process checks and other paperwork for manufacturers Hanover Trust, and then used by Back-Office Personnel for its successor JP Morgan Chase.
Much of the external brickwork, which was designed to be impersonal, had to be removed and replaced by Windows for the 1,300 brand new apartments.
The initial design limited Windows because the computers designed to house had such intense air conditioning needs that windows were considered 'separate obligations', plus 'computers cannot watch from Windows,' an architectural forum of 1970 said about the building on that moment.
An outdoor swimming pool is one of the luxury facilities that are available to residents
The former JPMorgan building, originally built to house computers, is now apartments
Rendings of a golf range in the redeveloped Water Street -Building
The building fell to only 10 percent occupation after the pandemic, after former tenants such as The Daily News have moved.
“The building had to be demolished or afterwards applied for a new life,” former broker for the building, Bradley Gerla, told Bloomberg.
'There was no reuse for that building.
“Everything has some value, but the highest value was to turn it into a residential building,” he added.
The conversion is part of a broader trend in the financial district of Manhattan, where former bank offices are increasingly converted into flash apartments and apartments with cinemas, swimming pools and bowling alleys.
The exodus of banks started for the first time after the terror attacks of 9/11 in 2001 and took a pace when homeworks exploded during the COVID-19 Pandemie.
It made a lot of expensive office space superfluous.
In 2000 Banks occupied 5 million square feet on Wall Street. Nowadays it is just a few hundred thousand, real estate broker John Santora told the Wall Street Journal.
Now many buildings, including One Wall Street, 20 Broad Street and Pearl House, are owned by and rental properties.
One of the most luxurious rebuilding buildings is the iconic art deco cloudy scraper, a Wall Street.
The building of 1.25 million square foot designed by Ralph Walker in 1931, because the Irving Trust head office has now been made in 566 high-end houses that have hit the market up to $ 12.75 million.
