New York City, November 24, 2025
Manhattan’s office market is witnessing a pivotal change with new high-profile projects aimed at revitalizing the area and luring premium tenants. Vornado Realty Trust and Rudin Management are set to introduce a supertall office tower at 350 Park Avenue designed by Foster + Partners, providing 1.8 million square feet of commercial space. Additionally, RXR Realty has initiated a $3.5 billion Gemini Office Venture targeting New York City properties. Furthermore, significant conversions are underway, including the Flatiron Building transforming into luxury condos and 25 Water Street becoming the largest office-to-residential conversion in the U.S.
New York City
Manhattan’s office market is undergoing a significant transformation with the introduction of several high-profile projects aimed at revitalizing the area and attracting top-tier tenants.
Major Redevelopment Projects
Vornado Realty Trust and Rudin Management have unveiled plans for a new supertall office tower at 350 Park Avenue. Designed by Foster + Partners, the proposed 62-story building will rise approximately 1,600 feet and offer 1.8 million square feet of commercial office space. The project is set to begin the city’s public review process in early 2025, with an estimated completion date of 2032. Citadel LLC has committed to occupying approximately 850,000 square feet in the building.
Additionally, RXR Realty has launched the Gemini Office Venture, a $3.5 billion initiative targeting New York City office properties. The venture’s initial acquisitions include a $1 billion purchase of 590 Madison Avenue, a minority stake in 1211 Sixth Avenue, and an interest in the Starrett-Lehigh building. This move positions RXR as a significant player in the city’s office market, capitalizing on current market discounts.
Adaptive Reuse and Residential Conversions
In response to changing market demands, several office buildings are being converted into residential spaces. Notably, the Flatiron Building is undergoing a conversion to 60 luxury condominium units, with completion expected in 2026. This project is a joint venture between The Brodsky Organization, GFP Real Estate, and The Sorgente Group.
Similarly, 25 Water Street is being transformed into 1,300 apartments, making it the largest office-to-residential conversion in the United States. The project includes 100,000 square feet of amenity spaces and is expected to be completed by 2027.
Market Trends and Future Outlook
These developments reflect a broader trend in Manhattan’s office market, where adaptive reuse and new constructions are reshaping the landscape. The focus on high-quality office spaces and residential conversions indicates a strategic response to evolving tenant needs and market conditions. As these projects progress, they are expected to attract a diverse range of tenants and residents, contributing to the dynamic growth of Manhattan’s real estate sector.
Key Features of Manhattan’s Office Market Transformation
| Project | Description | Completion Date | Key Tenants |
|---|---|---|---|
| 350 Park Avenue | 62-story supertall office tower offering 1.8 million square feet of commercial space | 2032 | Citadel LLC (850,000 square feet) |
| Gemini Office Venture | $3.5 billion initiative targeting New York City office properties, including 590 Madison Avenue and 1211 Sixth Avenue | Ongoing | Various tenants |
| Flatiron Building Conversion | Conversion of office space into 60 luxury condominium units | 2026 | Not specified |
| 25 Water Street Conversion | Transformation into 1,300 apartments, the largest office-to-residential conversion in the U.S. | 2027 | Not specified |
Frequently Asked Questions (FAQ)
What is the 350 Park Avenue project?
The 350 Park Avenue project is a proposed 62-story supertall office tower designed by Foster + Partners, offering 1.8 million square feet of commercial office space. The project is set to begin the city’s public review process in early 2025, with an estimated completion date of 2032. Citadel LLC has committed to occupying approximately 850,000 square feet in the building.
What is the Gemini Office Venture?
The Gemini Office Venture is a $3.5 billion initiative launched by RXR Realty, targeting New York City office properties. The venture’s initial acquisitions include a $1 billion purchase of 590 Madison Avenue, a minority stake in 1211 Sixth Avenue, and an interest in the Starrett-Lehigh building. This move positions RXR as a significant player in the city’s office market, capitalizing on current market discounts.
What is the Flatiron Building Conversion?
The Flatiron Building is undergoing a conversion of its office space into 60 luxury condominium units, with completion expected in 2026. This project is a joint venture between The Brodsky Organization, GFP Real Estate, and The Sorgente Group.
What is the 25 Water Street Conversion?
25 Water Street is being transformed into 1,300 apartments, making it the largest office-to-residential conversion in the United States. The project includes 100,000 square feet of amenity spaces and is expected to be completed by 2027.
What are the current trends in Manhattan’s office market?
Manhattan’s office market is experiencing a significant transformation with the introduction of several high-profile projects aimed at revitalizing the area and attracting top-tier tenants. These developments include major redevelopment projects, adaptive reuse, and residential conversions, reflecting a broader trend in the market.
Now Happening on X
- @FayeKohn (November 24, 2025): Shared a New York Post article highlighting new projects set to transform the top end of Manhattan’s office market, indicating ongoing revitalization efforts. View on X
- @alasoff (November 24, 2025): Posted about recent New York Post coverage on innovative projects reshaping the high-end Manhattan office market. View on X
- @nypost (November 23, 2025): Published an article on new projects transforming the top end of Manhattan’s office market, focusing on developments driving business growth. View on X
- @nypostbiz (November 23, 2025): Highlighted upcoming projects that will significantly alter the upper Manhattan office landscape, as covered in a recent New York Post feature. View on X
- @NYCfinatic101 (November 23, 2025): Claimed that Manhattan’s office market continues to dominate nationally, with strong leasing activity despite contrary narratives, contrasting it with other cities. View on X
- @alphagODandKING (November 23, 2025): Commented on the New York Post article, noting how Manhattan’s office market is evolving through high-end projects, showing confidence amid remote work shifts. View on X
- @NYCfinatic101 (November 23, 2025): Emphasized Manhattan’s dominance in office leasing activity, dismissing negative perceptions and highlighting its booming status over competitors like Miami. View on X
- @ConserLibrarian (November 23, 2025): Shared a link to a report on new initiatives transforming Manhattan’s upper office market, pointing to positive economic momentum. View on X
- @NormanBobrowCo (November 20, 2025): Discussed Manhattan’s office market approaching its strongest post-pandemic leasing year, with Jack Resnick & Sons securing $147 million in financing for commercial properties. View on X
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