Former NYSE to become home to 382 apartments

One of Wall Street’s former hubs is trading finance employees for residents.

GFP Real Estate has filed plans to convert 40 Exchange Place — a 20-story, 240,000-square-foot office tower in Manhattan’s Financial District — into a mixed-use development with 382 residential units and ground-floor retail, according to the Commercial Observer. 

The project adds to a growing list of office-to-residential conversions sweeping the neighborhood, as aging commercial buildings grapple with high vacancy rates in the wake of COVID and shifting demand.

Originally designed in 1893 by architect John Townsend Williams, the building was once home to the New York Stock Exchange in the mid-19th century, between 1856 to 1865.

More recently, it has served as traditional office space, with some tenants — such as A360 Media — signing short-term or modest long-term leases. 

GFP acquired the property in 2015 alongside Northwind Group for $115 million and invested $20 million in renovations before Northwind exited the partnership in 2018. Yet Northwind maintained financial ties to the property, issuing a $50 million mortgage to GFP in early 2024.

This isn’t GFP’s first foray into adaptive reuse. The firm partnered with Metro Loft and Rockwood Capital to redevelop 25 Water St. into a 1,320-unit residential complex — currently the largest office-to-apartment conversion in the country. 

Its latest project at 40 Exchange Place follows a $288 million loan secured in January to redevelop 222 Broadway.

The Financial District has emerged as a hot bed for New York’s office conversion trend, driven in part by the city’s 467-m tax abatement program. The initiative offers developers a 35-year tax break if at least 25% of the new units are designated as affordable housing.

Nearby, developers have transformed several high-profile properties, including 55 Broad St., the former Goldman Sachs headquarters, now home to 571 apartments and 25,000 square feet of amenities. Other recent conversions include 77 Water St., 160 Water St., 111 Wall St. and One Wall.

GFP did not return The Post’s request for comment on the plans for 40 Exchange Place by press time. The current occupancy status remains in flux, as many leases are short-term and no formal timeline has been announced for vacating the offices.