GFP Real Estate Finalizes $192 Million Financing for Landmark Financial District Conversion

GFP Real Estate secures $191.5 million to convert the historic 40 Exchange Place into a 382 unit residential community in Manhattan’s Financial District.

By: AXL Media

Published: Mar 12, 2026, 7:40 AM EDT

Source: https://www.multihousingnews.com/

Capitalizing on Historic Assets and Tax Incentives

The conversion of 40 Exchange Place is a strategic play leveraging a complex stack of federal, state, and local incentives. GFP Real Estate is utilizing federal and state Historic Rehabilitation Tax Credits to offset the costs of preserving the 19th century architecture. Crucially, the project is also a beneficiary of New York City’s 467-m program, which grants a 35 year tax abatement to developers who convert commercial space into residential units. This long term tax relief is essential for making large scale conversions financially viable in a high interest rate environment.

Architectural Transformation and Unit Mix

Once the headquarters of the New York Stock Exchange, the historic tower will be reimagined as a 382 unit multifamily community. The redevelopment plan includes a mix of market rate and affordable housing, ensuring the project aligns with current municipal priorities for mixed income urban living. Additionally, the ground level will feature refreshed retail space, maintaining the active streetscape of the Financial District. This transition from a single use office building to a vibrant residential hub reflects the broader evolution of "FiDi" into a 24/7 neighborhood.

GFP’s Established Dominance in the Conversion Sector

This project follows GFP Real Estate’s landmark success with "SoMA" at 25 Water St., which stands as the largest office to residential conversion in the United States. Completed in 2025, SoMA delivered 1,320 units from a 1.1 million square foot office asset. By securing financing for 40 Exchange Place, GFP solidifies its position as a market leader in adaptive reuse. The firm’s ability to navigate the technical challenges of 19th century floorplates—which often involve complex plumbing and light well considerations—gives it a distinct competitive advantage over developers more accustomed to ground up construction.