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FiDi Rental Conversion Planning to Avoid Amenity Overdrive

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Construction on the planned office-to-residential conversion at FiDi's 116 John Street began in February, but there's one matter on which our curiosity had yet to be satisfied: what kind of amenities would the developer and architect come up with to top the neighborhood's amenity overdrive? The Times answers that question today: "full-time doormen, a concierge, a rooftop recreation area, a lounge and two gyms." It's no bowling alley, that's for sure. What else has it got going for it?

The building will be mostly studios, 1BRs, and 2BRs, with a few 3BRs. Rents will be par for the neighborhood, which probably means they'll be around $2,000/month for studios, $2,575/month for 1BRs, $3,600/month for 2BRs, and $5,500/month for 3BRs. Of course, the building's conversion is a long-term project because it's still 40 percent full of office tenants. Some leases extend until 2017, but conversion developer Metro Loft Management tells the Times, "with minor incentives from us...most tenants are finding that now is an opportune time to seek out new office space." We find that a few good whoopie cushions usually do the trick.
· Another Financial District Building Converts to Residential [NYT]
· 116 John Street coverage [Curbed]