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New York & Tri-State  + Downtown New York  + Finance  | 
Vanbarton Group is converting 160 Water Street, a Lower Manhattan office property, into residential apartments

Vanbarton Secures $273M Financing for Office-to-Resi Conversion in FiDi

Vanbarton Group has secured $272,500,000 in construction financing for 160 Water St., a 533,000-square-foot office property that is being repositioned to rental apartments in Manhattan’s Financial District. The loan was provided by Brookfield Real Estate Financial Partners. 

A Cushman & Wakefield team of Gideon Gil, Adam Spies, Kempton Coady and Alex Lapidus represented Vanbarton. 

“The Financial District is experiencing a new wave of residential success as the demand to rent apartments in Lower Manhattan grows,” said Gil. “The property is ideally located and will be converted to residential use with a top amenities package that will cater to the growing downtown residential population.” 

160 Water St. is a 24-story office asset that soon will be converted into a 30-story multifamily property with 588 residential units. The conversion will include nearly 34,000 square feet of dedicated amenity space, including a lobby lounge, coffee bar, fitness center and rooftop deck. 

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Cushman & Wakefield's Gil

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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