Bushburg Lands $78M to Convert FiDi Office Tower Into 400 Apartments

Key Points

• Bushburg Properties secures $78M for office to residential conversion at 100 William Street
• Project will deliver 400 apartments, with 25% affordable
• Financing provided by Oak Funding and OakNorth Bank

Deal Breakdown

Bushburg acquired the 21-story, 400,000+ square foot office building in December for $70 million, roughly half of what the prior owner paid in 2013. The new loan will fund predevelopment work ahead of a full residential conversion.  According to Oak Funding co-founder Jeremy Levart, the lender moved from diligence to close in under 30 days, underscoring growing lender comfort with well-located conversion plays in New York City.

What’s Planned

The conversion is expected to yield 400 apartments, with 25 percent set aside as affordable housing. Bushburg has already begun planning and early-stage predevelopment, citing the building’s structural layout and proportions as well-suited for residential reuse. The property sits in the heart of the Financial District near Fulton Street and Wall Street transit hubs, with access to multiple subway lines and nearby open spaces, including City Hall Park.

Part of a Larger Strategy

100 William Street is not an isolated bet. Bushburg is also advancing a partial conversion at 80 Pine Street, backed by a $320 million loan, which will bring 713 apartments to Manhattan upon completion.

Why It Matters

New York’s conversion pipeline is accelerating. Cushman & Wakefield reports that office-to-residential conversion starts more than doubled between 2023 and 2024, with 8.8 million square feet now proposed citywide. As pricing resets and financing selectively returns, well-capitalized developers are moving quickly to turn obsolete office stock into housing.

Bottom Line

Bushburg’s $78M financing highlights how adaptive reuse is becoming a core housing strategy in Lower Manhattan. With transit access, discounted basis, and affordable units baked in, 100 William Street fits squarely into the next wave of NYC residential redevelopment