The corner of Broadway and Fulton is about to get nearly 800 new residents.<\/p>\n
Office-to-residential conversions in the wake of COVID-19 have nearly quadrupled<\/a> nationwide since 2022.\u00a0More than 90,000 units are now moving through the pipeline, up 28% year-over-year. New York leads every American city with more than 16,000 units in conversion.\u00a0<\/p>\n But numbers alone don\u2019t explain what\u2019s happening at 222 Broadway in the Financial District, where a building that once housed thousands of office workers is about to house something far more lucrative: tenants who want to live like members of a private club.<\/p>\n At one point in time, former tenants there included Bank of America, Bluecore, Santander and American Express with offices occupying roughly 12,000 to 778,000 square feet of space.<\/p>\n GFP Real Estate is launching Wrey, the conversion of 222 Broadway into 788 rental residences in Lower Manhattan. Streetsense<\/p>\n That building, now known as Wrey, is made up of 788 rental residences developed by GFP Real Estate and designed by architecture firm CetraRuddy. Leasing launched on Tuesday.<\/p>\n Units run studios through three-bedrooms. Pricing starts at approximately $4,500 per month for a studio, $7,600 for a one-bedroom, $11,700 for a two-bedroom and $12,000 for a three-bedroom.<\/p>\n The amenity stack is where Wrey makes its most aggressive statement. Five floors \u2014 including a 32nd-floor lounge and outdoor rooftop pool overlooking the full Manhattan skyline, a 75-foot indoor lap pool, a full spa, co-working facilities, and a screening room \u2014 are styled by CetraRuddy with a members\u2019-club sensibility.<\/p>\n \u201cWhat we\u2019ve seen is that New Yorkers are willing to rent and are interested in renting in luxury buildings, even if the price point is higher, because they\u2019re able to have access to these amenities,\u201d Brian Steinwurtzel, CEO of GFP Development, told The Post.\u00a0<\/p>\n And, he added, there\u2019s a big appetite for it.<\/p>\n \u201cThe demand for residential housing, especially in this neighborhood, far outstrips the supply that\u2019s available,\u201d Brian Steinwurtzel, CEO of GFP Development told The Post. \u201cWith the distress in office buildings, we have identified buildings that we could buy, that have tremendous light and views, that can be repurposed as residential buildings and can meet the demand that exists in the market.\u201d<\/p>\n The project follows the firm\u2019s record-breaking conversion of 25 Water St., now known as Soma, which leased over 1,000 apartments ahead of schedule. Streetsense<\/p>\n Wrey, designed by CetraRuddy with a members\u2019-club aesthetic, features five floors of amenities including a rooftop pool with skyline views, a 75-foot indoor lap pool, a full spa and co-working spaces. Streetsense<\/p>\n GFP is not a newcomer to this particular gamble. <\/p>\n