In recent years, several old office buildings, including a 1907 office tower and the former Bank of New York headquarters at 1 Wall Street, have been converted into luxury apartments. This change is part of a larger trend in the area, which began with the transformation of low-rise buildings and has now extended to modern glass and steel towers.

The Financial District, once known for being deserted outside of office hours, now has a growing residential community with 66,000 residents, significantly increased by +380 % from 13,700 in 1990. This transformation is seen as a potential model for other Manhattan neighborhoods facing an excess of empty office spaces post-pandemic.

The Financial District’s transformation was partly prompted by the departure of banks and insurance companies to Midtown. The neighborhood’s compact lots and buildings with large windows have made conversions more feasible. Since the pandemic began, nearly 1,500 new residences have been added, with thousands more planned, including a project to convert a former JPMorgan Chase office tower into 1,300 apartments.

There is also a recent surge in local businesses and schools, indicating a thriving community with the increase of café, restaurants and other local businesses.