Landlords Buzzing about 150 William St.

Introduction to the Buzz

News that the office building at 40 Fulton St. is to be sold for residential conversion had landlords and brokers buzzing over two questions: Which obsolescent FiDi office building is next? And what’s going on at nearby 150 William St?

Recent Conversions and Construction

One mammoth conversion was recently completed at 25 Water St. and another’s underway at 222 Broadway. There’s also planned or proposed ground-up residential construction at several major vacant sites. Among them is 75–83 Nassau St., a long-vacant lot that just sold to a joint venture which plans a mostly apartment tower.

Focus on 150 William St.

150 William St. was listed for $200 million last August, but there hasn’t been a peep about it since then. William Farrington/NY Post
150 William St. is a 20-story structure built in 1927 with more than a half million square feet. William Farrington/NY Post
But eyes are also on 150 William St. — a 20-story, 1927 structure with more than a half million square feet. KF Braun Management, which is marketing the property for reclusive owner Moses Marx, listed it for $200 million last August, but there hasn’t been a peep about it since then.

Upcoming Vacancy

The city’s Administration for Child Services plans to move from 150 William St. later this year, which will leave the building mostly vacant. William Farrington/NY Post
The city’s Administration for Child Services plans to move to nearby 110 William St. later this year, which will leave 150 William mostly vacant. Discount store LotLess remains, but another large retail space has been dark for years.

Potential for Conversion

“It doesn’t look pretty right now, but it would be a great prospect for apartment conversion,” an area broker said. “The location’s fantastic – halfway between the World Trade Center and the Seaport and even closer to 130 William,” the highly successful new condo tower.

Conclusion

The buzz around 150 William St. is a testament to the growing interest in residential conversions in the FiDi area. With its prime location and potential for redevelopment, 150 William St. is certainly a property to watch in the coming months.

FAQs

• Q: What is happening to the office building at 40 Fulton St.?
  A: It is being sold for residential conversion.
• Q: What is the current status of 150 William St.?
  A: It was listed for $200 million last August but there have been no updates since then.
• Q: Why is 150 William St. a potential candidate for residential conversion?
  A: Its location is fantastic, and the building will be mostly vacant once the city’s Administration for Child Services moves out.
• Q: What other residential projects are underway or planned in the area?
  A: There are several, including conversions at 25 Water St. and 222 Broadway, and new construction at 75–83 Nassau St.