GFP Real Estate Secures $192M for Manhattan Conversion

February 5, 2026

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The developer will turn a historic tower into a 382-unit community.

GFP Real Estate has obtained $191.5 million in construction financing for the office-to-residential conversion of 40 Exchange Place, a 20-story building in Manhattan’s Financial District. Derby Lane, an alternative asset manager, provided the funds while Newmark arranged the loan.

The project will turn the historic tower, which was built in 1893 and previously housed the New York Stock Exchange, into 382 apartments with ground-level retail space. Multifamily units will comprise a mix of market-rate and affordable housing.

GFP is taking advantage of federal and state Historic Rehabilitation Tax Credits, along with New York City’s 467-m program, which will provide a 35-year tax abatement.

GFP paid $115.5 million to purchase 40 Exchange Place in 2015, according to Yardi Matrix. The previous owner was Weiss Realty, which acquired the building for $4.9 million in 1992.

Newmark Co-President of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Chris Kramer and Associate Director Tim Polglase secured the financing on behalf of GFP Real Estate.

New York’s booming conversion market

3.9 million square feet of converted office properties have opened for residential use, according to Newmark, with another 15.5 million square feet either under construction or in the planning stages.

In 2025, GFP completed the country’s largest office-to-residential conversion with SoMA, which turned a 1.1 million-square-foot office asset into a 1,320-unit multifamily community. GFP worked with Metro Loft and Rockwood Capital on that project, which is located at 25 Water St. in FiDi. SoMA was also the first conversion project to take advantage of the 467-m incentive.

Another FiDi conversion came in December 2025, when Diamond Lane LLC turned 14 Maiden Lane, a 10-story tower, into nine full-floor condos. Prices for the condominiums, which average about 1,300 square feet, start at approximately $2.6 million.