The trajectory of 15 William Street is a little mini-fable of how the Financial District is changing. It originally launched as sexy Andres Balazs-designed condos, before about 60 percent of the building was converted to rentals and rebranded as the (still sexy) William Beaver House, with a marketing campaign featuring a cheeky beaver holding a cocktail that was meant to lure young bankers to rent near their offices. But now developer CIM Group is reversing course, re-packaging the building yet again, and turning all those rentals back into condosthis time, aimed at families. Signage is up and a teaser site has launched for the new condos, with sales set to launch in mid-September.
Existing market-rate rental tenants were given the option to buy first, and when their leases are up, CIM will gradually put the units (184, to be exact) on the condo market. Asking prices will be between $1,200 and $1,600 per square foot. As for amenities, the little-used handball court will become a kids' playground, the party-worn rooftop deck will get a sprucing up, and some of the smaller apartments will get combined to make larger units.
The new website features lots of attractive children who are apparently very happy to live in the Financial District. Alas, say sayonara to "beaver" in the building name; it's simply 15 William. So it goes.
· 15 William [official]
· The Financial District Gains Momentum [NYT]
· All 15 William Street coverage [Curbed]