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]
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]
References
^ abHu, Ray (February 2, 2024). "It Follows". New York Review of Architecture. Retrieved August 8, 2024.
