How did the largest office-to-residential conversion come about? Brian Steinwurtzel of GFP Real Estate offers an inside look at how lower Manhattan’s 25 Water Street, a struggling office tower that was transformed into more than 1,300 apartments. He discusses what this landmark project signals for urban resilience.

· The right acquisition price and bold design and amenity choices can turn challenged office assets into world‑class residential properties.

· Tax incentives can often be the deciding factor in whether a conversion is viable.

· Fast execution is essential for controlling risks and costs in today’s market.

· Office-to-residential conversions are highly bespoke, where building bones matter more than any rule-of-thumb formula.

· Great residential conversions are redefining downtowns, but their future hinges on policy, pricing and how the next market cycle unfolds.