25 Water Street Conversion Creates 1,320 Affordable NYC Apartments

A proposed redevelopment project at 2941 W. 8th Street in Koreatown aims to replace five homes with a seven-story apartment building featuring 55 units, including six set aside for very low-income households. The project is seeking Transit Oriented Communities incentives for a larger structure than current zoning allows, reflecting a trend of multifamily developments in the area. In Manhattan, the average sales price for condos and co-ops in 2024 has decreased slightly to $1.4 million, amidst a slight increase in sales volume. Meanwhile, a significant office-to-residential conversion is underway at 25 Water Street, transforming the former office building into a residential complex with 1,320 apartments, including 330 affordable units available through a housing lottery. This conversion is part of a broader effort to address the affordable housing crisis in New York City. These developments highlight the changing landscape of urban housing as cities adapt to evolving demands.