Manhattan Residential Conversion Project Lands $132M Financing
The Moinian Group is transforming a former office building in the Battery Park neighborhood into a 345-unit amenity-rich community catering to Millennials and Gen Z renters.
Square Mile Capital Management has originated a $131.5 million loan to finance the conversion from office to residential use of The Moinian Group’s 31-story office structure located at 17 Battery Place in the World Trade Center submarket of Lower Manhattan. Financing was arranged by Drew Anderman and Alan Blank of Meridian Capital’s New York office.
When conversion is complete, the new building—which has been rebranded into 2 Washington Street—will feature 345 residential units and more than nine floors of amenities, among them a rooftop pool and lounge, simulated sports lounge, music studio, master-chef’s kitchen, poker lounge, and co-working space, among other amenities.
“We saw the vast potential in Lower Manhattan when we began to invest here over 20 years ago, and we are pleased to see how the neighborhood – which is now bustling with restaurants, stores, parks, and entertainment – has become a 24/7 destination,” said Joseph Moinian, founder & CEO of The Moinian Group, in a prepared statement. “The completion of this financing at 2 Washington Street will help us with our vision to bring best-in-class residential properties to Lower Manhattan.”
Targeting Younger Renters
Award-winning architecture and interior design firm CetraRuddy designed the building. Because The Moinian Group has targeted Millennials and Generation Z renters, the selection of layouts will emphasize small studio and one-bedroom plans. Units offer smart-design elements such as custom millwork allowing for table and desk alcoves.
The 1902-built property offers quick, easy access to various public transportation options. It is mere steps from entertainment and dining destinations such as Brookfield Place and the World Trade Center.
“The Downtown Manhattan submarket is rapidly transforming into a 24-hour live-work-play neighborhood and we believe the project is well positioned to capitalize on the growing residential demand,” Square Mile Capital Principal Sean Reimer added.
According to a Yardi Matrix market report, Manhattan’s multifamily market is thriving, boosted by the finance sector, which continues to provide an influx of well-paid residents looking for housing in the borough’s most famous neighborhoods.
Image courtesy of Yardi Matrix