Northwind Group just put $219 million behind turning a Financial District office tower into apartments.
The construction loan covers 100 Wall Street, a 29-story, 463,000 square foot building. Floors 2 through 11 are being converted into 168 residential rental units. Floors 15 through 29 stay office space and are already nearly fully leased.
BLDG (Lloyd Goldman) and David Werner Real Estate Investments bought the building in July 2024. They moved fast, relocating office tenants out of the lower floors and up top to clear the way for the conversion.
Why this tower fits the conversion playbook:
Efficient floor plates with strong window-to-core spacing
A freestanding footprint that gives every unit natural light and air on all four sides
Two separate elevator banks already splitting residential and office traffic
Triton Construction is running the job, fresh off building the 70-story Orchard tower with BLDG in Long Island City. Gensler is on as executive architect. Planned amenities include a pool, fitness center, sports simulator, theater, and a rooftop deck with an outdoor kitchen.
This loan is also an expansion, not a fresh bet. Northwind turned an earlier $95 million pre-development loan into this full construction loan, its 8th office-to-residential conversion financed in New York City.
Founder Ran Eliasaf noted the office portion is already over 95% occupied and cash flowing, meaning part of the building is paying its way while the rest gets rebuilt around it.
Add 168 units to Northwind's growing conversion tally, and the office-to-apartment trend keeps building momentum, floor by floor.
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