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How many apartments did Pearl House at 160 Water Street add to NYC?
Pearl House at 160 Water Street converted a 1972 office tower into 588 market-rate rental apartments. Developer Vanbarton Group acquired the property and engaged Gensler to lead the conversion, cutting three new shafts through the building for residential plumbing and HVAC, adding five new floors, and retrofitting the exterior with double-pane operable windows. The completed building reached 99% leased by early 2025. Studios start at $3,500, one-bedrooms at $4,700, and two-bedrooms at $6,400, with 30,000 square feet of amenity space including a gym, spa, coworking area, and bowling alley.
How much does it cost to rent at Pearl House in the Financial District?
Pricing per Bloomberg starts at approximately $3,500 for studios, $4,700 for one-bedrooms, and $6,400 for two-bedrooms. Several penthouse units are also available. The building includes approximately 30,000 square feet of amenity space with a gym, lounges, coworking area, spa, and bowling alley. The project was completed without zoning incentives, special tax abatements, or direct government subsidies.
Can old NYC office buildings be converted to apartments?
Yes, and it is happening at scale. Gensler alone is converting over 5 million square feet of Manhattan office space into approximately 7,000 new apartments. The 25 Water Street project will deliver roughly 1,300 units when complete. Conversion construction starts went from less than 1.2 million square feet annually before 2020 to 4.1 million square feet as of August 2025, with another 9.5 million square feet planned for 2026. The City of Yes zoning reform expanded eligibility to buildings constructed up to 1990. NYC currently has the lowest residential vacancy rate since 1968 at approximately 1.4%, making new housing supply critical. Talk to us about buying in NYC.
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