Idan Ofer’s Quantum Pacific Group and Nathan Berman’s Metro Loft are planning a major office-to-residential conversion in Manhattan’s Financial District.

The joint venture acquired the 26-story office tower at 101 Greenwich Street in February and recently filed plans with the New York City Department of Buildings to convert the stone-clad structure into 614 units of housing. PincusCo first reported the story.

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Ofer and Berman’s firms purchased the property from BentallGreenOak for at least $100 million, Commercial Observer reported in February.

The U.K.-based Quantum Pacific could not be reached for comment, while Metro Loft did not immediately respond to a request for comment.

The Financial District has become central to the popular office-to-residential conversion trend in Manhattan, due to its evolution into a 24/7 environment, its zoning that allows for residential use, and an oversupply of lower-quality office properties.

A lot of the activity in the neighborhood is also because of outgoing Mayor Eric Adams’s housing initiatives throughout Manhattan, specifically his City of Yes legislation, which was passed in late 2024 and is expected to clear the way for around 80,000 new housing units over the next 15 years.

Other major conversions in the Financial District include SoMA, also known as 25 Water Street, a project between GFP Real Estate and Metro Loft that will create 1,320 apartments; One Wall Street, which will create 566 luxury condos; and 55 Broad Street, a plan that will generate 571 rental units.

Mark Hallum can be reached at mhallum@commercialobserver.com.