161 Water Street

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161 Water Street
175 Water Street.jpg
161 Water Street in 2022
161 Water Street
General information
Type Office
Town or city New York City
Country United States
Coordinates 40°42′23″N74°00′18″W / 40.70645°N 74.005138°W / 40.70645; -74.005138
Completed1983
Technical details
Floor area685,000 sq ft (63,600 m2) [1]
Design and construction
Architect(s) Fox & Fowle

161 Water Street (also referred to as the Water Street Associates Building and formerly referred to as 175 Water Street) [2] is an office building in the Financial District of Manhattan in New York City. [3] [4]

Contents

History

Three commercial buildings, constructed in the 19th century, previously occupied the site. [5] In 1982, during the course of an archaeological excavation conducted as 161 Water Street was built, an 18th-century ship was discovered. [6] Portions of the ship and other artifacts were sent to the Mariners' Museum in Newport News. [5]

161 Water Street was completed in 1983. [7] The building was designed by Fox & Fowle. [1] Before completion, the entire building was leased to National Westminster Bank. [8] In 1995, AIG purchased the building from National Westminster Bank. [9] The building became AIG's headquarters in 1996, and in 2021 the firm vacated the building for a new headquarters at 1271 Avenue of the Americas. [10]

Metro Loft entered into contract to purchase the building from AIG in 2019. [11] An entity linked to Ken Dart purchased the building from Vanbarton Group in 2022. [12] Vanbarton sold the building after zoning changes that might have permitted the conversion of the building from an office property to housing did not occur. [13]

The owners of the building received a tax break of $41.3 million over a 20 year period in January 2024. [14] This tax break was granted through New York City's "M-CORE" program, which provides tax breaks to owners of office buildings with high vacancy rates, freeing funds for renovations. [15] At the time the tax break was granted, 95% of the building's leasable space was empty. [16]

Tenants

Tenants of the building include fashion brand Bode and Ghia, a beverage company. [3] The building has been used as a site for parties and fashion shows. [2]

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References

  1. 1 2 Hu, Ray (February 2, 2024). "It Follows". New York Review of Architecture. Retrieved August 8, 2024.
  2. 1 2 Iredale, Jessica (November 29, 2024). "The Price of Being Cool? A Quarter-Billion Dollars". The New York Times. Retrieved December 2, 2024.
  3. 1 2 Florsheim, Lane (August 4, 2024). "Big Banks Deserted Wall Street. Then the Cool Kids Moved In". The Wall Street Journal. Archived from the original on August 4, 2024. Retrieved August 4, 2024.
  4. ↑ Quinlan, Adriane (April 17, 2024). "A Fidi Office Building With a Wait List". Curbed. Retrieved August 4, 2024.
  5. 1 2 Riess, Warren Curtis (December 14, 2023). Studying the Princess Carolina: Anatomy of the Ship That Held Up Wall Street. Texas A&M University Press. ISBN   978-1-64843-111-1. Archived from the original on August 5, 2024. Retrieved August 5, 2024.
  6. ↑ "SHIP IS UNEARTHED AT WATER STREET". The New York Times. February 26, 1982. Retrieved August 5, 2024.
  7. ↑ Baird-Remba, Rebecca (September 28, 2020). "Downtown 1980s Office Tower Gets a Fresh Look". Commercial Observer. Archived from the original on August 4, 2024. Retrieved August 4, 2024.
  8. ↑ Oser, Alan S. (August 8, 1982). "DEVELOPMENT RETURNS TO WALL STREET AREA". The New York Times. Retrieved August 8, 2024.
  9. ↑ Holusha, John (November 12, 1996). "Insurer Plans 1,800 New Jobs in Manhattan". The New York Times. Retrieved August 5, 2024.
  10. ↑ Cunningham, Cathy (October 13, 2022). "Former AIG HQ at 175 Water Street Sells for $252M". Commercial Observer. Archived from the original on July 14, 2024. Retrieved August 4, 2024.
  11. ↑ Bockmann, Rich (August 16, 2019). "FiDi office-to-resi guru Nathan Berman's next big project is AIG's HQ". The Real Deal. Archived from the original on August 4, 2024. Retrieved August 4, 2024.
  12. ↑ Bockmann, Rich (September 19, 2022). "Reclusive billionaire buying former AIG headquarters". The Real Deal. Archived from the original on August 4, 2024. Retrieved August 4, 2024.
  13. ↑ Badger, Emily (July 1, 2023). "American Cities Have a Conversion Problem, and It's Not Just Offices". The New York Times. Archived from the original on August 6, 2024. Retrieved August 5, 2024.
  14. ↑ Baird-Remba, Rebecca (January 23, 2024). "NYC Grants $100M Tax Breaks to Struggling Manhattan Office Buildings". Commercial Observer. Archived from the original on August 6, 2024. Retrieved August 6, 2024.
  15. ↑ Moses, Paul (January 23, 2024). "Adams to Grant $100 Million in Tax Breaks for Two Office Building Upgrades". THE CITY – NYC News. Retrieved August 6, 2024.
  16. ↑ Westenhaver, David (January 27, 2024). "The Daily Dirt: City throws $100M lifeline to sinking office towers". The Real Deal. Retrieved August 8, 2024.
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