New York, NY – [December 4, 2024] – Vanbarton Group LLC has acquired 77 Water Street, a 26-story, 547,000 square foot Class B office building in New York City’s Financial District. Vanbarton plans to reposition the building, transforming it into a luxury residential property with 649 units and over 30,000 square feet of best-in-class amenities.
Located in the heart of Lower Manhattan, 77 Water Street is steps from South Street Seaport featuring renowned dining destinations such as Jean-Georges’ Tin Building and The Fulton. The property also enjoys convenient access to transportation, including subway lines, ferries, and the PATH train, making it an ideal location for modern urban living.
The repositioned property will feature a diverse unit mix of three-bedroom, two-bedroom, one-bedroom, and studio apartments, catering to a wide range of residents. The expansive amenity offerings will include state-of-the-art fitness and wellness facilities, resident lounges, and outdoor spaces designed to elevate the living experience.
“Our acquisition of 77 Water Street reflects our continued confidence in the potential of Lower Manhattan as a residential destination,” said Joey Chilelli, Managing Director at Vanbarton Group. “We see tremendous opportunity to reposition this distinctive property into a Class A luxury rental building that will meet the needs of today’s renters seeking high-end living spaces in dynamic, transit-accessible neighborhoods.”
Vanbarton’s extensive experience, spanning over a decade of investing both debt and equity capital in office-to-residential conversions, is exemplified by its most recent success with Pearl House at 160 Water Street—a 588-unit residential building in the Financial District that is now 93% leased, with the first residents having moved in January 2024.
The acquisition of 77 Water Street represents the next project in Vanbarton’s programmatic strategy of thoughtfully repositioning underutilized properties to create value.
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About Vanbarton Group
Vanbarton Group, LLC, founded in 1992, is a vertically integrated real estate investment and advisory Firm. The Firm manages private funds and programmatic ventures, employing diverse credit and equity investment strategies for global institutional investors. With a team strategically located throughout the U.S., Vanbarton Group maintains a comprehensive market presence and investment history, further enhancing its capabilities to source and manage assets as both an owner and lender. For more information, please visit https://vanbartongroup.com/.