US: SoMA, a 1,320 units BTR scheme in a former Manhattan office building, has started its lease up period.
The 32-story tower in New York City’s financial district was previously home to JPMorgan Chase, the Daily News, and the National Enquirer.
The tower now offers 1,320 rental apartments and around 100,000 square feet of amenities, including indoor and outdoor lounges and pools, a spa, and a full fitness centre complete with pickleball courts. The gym is part of an 18,000-square foot Athletic Club with studios for training, pilates, and yoga.
SoMA (short for South Manhattan), which is near completion, is the first conversion to use New York State’s 467-m housing tax incentive, which facilitates the incorporation of affordable housing into conversion projects. Market-rate rents at SoMA range from $3,855 to $8,630 per month. SoMA’s website states that its studios alone range from $3,436 to $7,671.
SoMA also participated in the city’s Office Conversion Accelerator program set up to cut red tape. That program now has 83 buildings in the process of designing residential conversions.
The building’s programmed spaces offer wellness, social, and entertainment experiences for tenants including a bowling alley, an arcade, sports simulators, a virtual-reality studio; a children’s playroom, other spaces for karaoke and poker, and a coworking area called The Nook. A landscaped roof terrace provides views of downtown Manhattan and Brooklyn, and is equipped with grilling stations, private dining space, and an indoor serenity lounge. Additional amenities include on-site parking, music rehearsal rooms, a podcast room, and an art maker’s studio.
“Converting office spaces into residential buildings has become a crucial strategy for reimagining New York City’s real estate landscape, with neighbourhoods like the Financial District transforming into highly sought-after residential areas,” said Brian Steinwurtzel, Co-CEO and principal of developer GFP Real Estate.
