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Massive Office-to-Residential Shift: 1,320 Apartments Open in NYC

10/16/2025

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Summary

Story summary

The 32-story building at 25 Water Street, formerly occupied by JPMorgan Chase, has been converted to 1,320 rental apartments.
It is the largest office-to-residential conversion in the United States.
About half of the apartments have already been leased.
The shift is driven by the pandemic’s remote-work impact and a housing shortage, with New York City leading and 8,310 units expected from conversions.

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Story summary

The 32-story building at 25 Water Street, formerly occupied by JPMorgan Chase, has been converted to 1,320 rental apartments.
It is the largest office-to-residential conversion in the United States.
About half of the apartments have already been leased.
The shift is driven by the pandemic’s remote-work impact and a housing shortage, with New York City leading and 8,310 units expected from conversions.