Bushburg Receives $78M for Office-to-Resi Conversion
The project will create 400 apartments with an affordable component.
Brooklyn-based Bushburg Properties has received a $78 million loan from Oak Funding and OakNorth Bank for the acquisition and predevelopment of 100 William St. in Manhattan’s Financial District. The loan is funding predevelopment work before the former office property is converted into housing.
Bushburg acquired the property for $70 million in December from Manulife Investment Management, nearly half of the $166.5 million the firm paid for the asset in 2013, according to Yardi Matrix. The 21-story office building is more than 400,000 square feet. It was last renovated in 2012, according to the same source.
“We were able to move from diligence to close in under 30 days because we know this market well and we underwrite decisively,” Jeremy Levart, co-founder of Oak Funding told Multi-Housing News. “In today’s environment, certainty and speed matter as much as pricing, and that’s where our experience in New York conversions really shows.”
The building’s fundamental structure and proportions were what drew the developer to the asset. Bushburg has already begun working on the predevelopment process, including planning. The project is expected to create 400 units with 25 percent reserved as affordable housing.
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This is not the only adaptive reuse project Bushburg has in its pipeline. In August, the company received a $320 million loan for a partial conversion at 80 Pine St., a 1.2 million-square-foot office building. Once completed, the project will bring 713 apartments to Manhattan.
100 William St. came online in the 1970s in Manhattan’s Financial District and is a transit-oriented property near the Fulton and Wall Street subway stations with access to the 2, 3, J and Z subway lines. Fulton Street also has public bus access. The City Hall Park and Drumgoole Plaza are also within walking distance of the future community.
Conversions continue to climb in New York City
The office-to-residential conversion trend continues to grow across New York City. In September 2025, Cushman & Wakefield reported conversion starts more than doubled from 1.3 million square feet in 2023 to 3.3 million in 2024. Now there are 8.8 million square feet of office-to-residential projects proposed.
Last week, GFP Real Estate moved forward with a similar venture in the Financial District as well. Derby Lane provided the developer with $191.5 million in construction financing that will bring a 382-unit mixed-income community with ground-floor retail.
Slate Property Group and Breaking Ground are working on a different adaptive reuse development of a vacant hotel. The joint venture acquired the Stewart Hotel at 371 Seventh Ave. in December 2025. The project calls for 579 affordable units in Midtown.
