News of the sale of the office building at 40 Fulton Street for conversion into residential units has raised many questions among property owners and real estate brokers about two key buildings: which office building in the Financial District will be next to be sold, and what is happening with the neighboring building at 150 William Street?
A major conversion project at 25 Water Street was recently completed, and another project is currently underway at 222 Broadway. In addition, there are plans and proposals to develop new residential units on several prime vacant sites, including the long-empty plot at 75–83 Nassau Street, which was recently sold to a joint venture aiming to build a large residential tower.
However, attention is now turning to 150 William Street, a historic 20-story building constructed in 1927 with a total area exceeding half a million square feet. K.F. Brown Management, which is marketing the property on behalf of its owner, Moussa Marks, listed the building for sale last August for $200 million. Nevertheless, no new developments have been reported since then.
The city’s Administration for Children’s Services is expected to relocate its offices to the neighboring building at 110 William Street this year, which will leave a large portion of 150 William Street vacant. However, a Lot-Less discount store will remain on the ground floor, while another large retail unit will continue to sit vacant after a long-term closure.
One broker pointed to the potential of the property, explaining that although the location may not appear attractive at the moment, it represents a unique investment opportunity for conversion into residential units. The site is highly strategic, situated between the World Trade Center and the Seaport, and close to the well-known residential tower at 130 William Street, which has achieved significant success.
