In an effort to address New York City’s ongoing housing crisis, OakNorth, a specialist in commercial lending, has partnered with Oak Funding to extend a $78 million co-loan to real estate developer Bushburg. This financing will facilitate the purchase and redevelopment of 100 William Street, a prominent 21-story Class A office building situated in the heart of Manhattan‘s Financial District.
The property, strategically located near Fulton Street Station, benefits from excellent connectivity to public transportation, major employment hubs, diverse dining options, retail spaces, and cultural landmarks.
Bushburg plans to repurpose the underutilized office space into a modern residential complex, featuring more than 400 apartment units.
Notably, about 25% of these will be designated as affordable housing, directly contributing to alleviating the city’s shortage of accessible living options.
Bushburg, established in 1999 by Joseph Hoffman, brings extensive expertise to this project.
As a fully integrated real estate firm, it handles everything from investment and development to property management.
Over the past quarter-century, the company has built a robust portfolio, overseeing assets valued at over $4 billion across approximately 9 million square feet in New York City and New Jersey.
This deal marks another chapter in Bushburg’s focus on revitalizing outdated commercial properties, following successful conversions like the nearby 80 Pine Street into residential spaces.
The initiative aligns with broader trends in urban redevelopment, where vacant office buildings—impacted by shifts in work patterns post-pandemic—are being reimagined as housing solutions.
New York City, in particular, faces acute pressure to increase residential inventory amid rising demand and limited supply.
By converting 100 William Street, Bushburg aims to create a vibrant community hub that emphasizes thoughtful design and resident-centric experiences, enhancing the dynamism of Lower Manhattan.
Avi Glickman, Vice President at Bushburg, highlighted the project’s vision:
“This building stands out for its innovative design, aligning perfectly with our commitment to spaces that blend architectural appeal with meaningful user experiences. Building on our work at 80 Pine Street, we’re excited to foster a more integrated and aesthetically driven neighborhood in the Financial District.”
From OakNorth’s perspective, Max Saidman, Director of Debt Finance, emphasized the strategic importance:
“This collaboration strengthens our ties with Oak Funding and underscores our expertise in backing intricate office-to-residential transformations in key U.S. cities.”
Jeremy Levart, Co-Founder and Principal at Oak Funding, added:
“Bushburg has demonstrated success in handling ambitious conversions in New York, and 100 William Street exemplifies how dormant offices can evolve into enduring homes.”
This transaction not only showcases the role of specialized lenders in urban renewal but also signals optimism for adaptive reuse projects.
As cities like New York continue to evolve, such partnerships could pave the way for more innovative solutions to housing challenges, blending financial expertise with community-focused development.
With construction preparations underway, the revamped 100 William Street is poised to become a cornerstone of residential life in one of the world’s financial hubs.