GFP Targets 40 Exchange Place for FiDi Office-to-Resi Conversion
GFP Targets 40 Exchange Place for FiDi Office-to-Resi Conversion
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July 10, 2025 | New York City
GFP Real Estate is advancing another major office-to-residential conversion in Manhattan’s Financial District. The firm has filed a permit to transform the 240,000-square-foot building at 40 Exchange Place into a mixed-use property with 382 residential units and ground-floor retail. While GFP declined to comment, the move marks the latest chapter in the city's rapid shift toward adaptive reuse of aging office stock.
The 20-story, neo-Renaissance building, constructed in 1896, has a rich history—once serving as the New York Stock Exchange’s headquarters in the mid-19th century. Though still occupied by some short-term office tenants, GFP’s filing suggests plans are underway to vacate and reposition the asset. The developer acquired the building in 2015 with Northwind Group for $115 million and invested an additional $20 million in renovations before taking full ownership in 2018.
Notably, Northwind re-entered the picture last year by providing GFP with a $50 million mortgage on the property, signaling renewed interest in the asset’s long-term value. GFP is no stranger to ambitious conversions—it co-led the transformation of 25 Water Street into 1,320 apartments, the largest office-to-residential conversion in the U.S.
The move comes as FiDi becomes a hotspot for conversions, with developers leveraging the city’s 467m tax abatement program that encourages affordable housing as part of redevelopment. Amid declining demand for traditional office space, projects like 40 Exchange Place highlight the growing momentum behind reimagining Manhattan’s older commercial buildings for modern residential living.
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