Bushburg Properties Purchases 100 William St. in FiDi for Discount, Considers Residential Shift – Tuesday, December 16, 2025

Bushburg Properties has acquired an office building at 100 William Street in New York City's Financial District (FiDi) from Manulife at a significant discount. The company is exploring the possibility of converting the office space into residential units, signaling a potential shift in the area’s real estate dynamics.

Who should care: city planners, smart city program managers, real estate technology leaders, mobility operations teams, and urban infrastructure decision-makers.

What happened?

Bushburg Properties, a key player in the real estate market, has strategically purchased an office building at 100 William Street in FiDi from Manulife, a major Canadian insurance firm. The acquisition came at a substantial discount, reflecting the current market conditions that favor buyers in the commercial real estate sector. Bushburg is now assessing the feasibility of converting this office space into residential units, a move that could significantly reshape the real estate landscape in FiDi. Traditionally dominated by financial institutions and office towers, this district may soon experience a notable increase in residential occupancy, aligning with broader urban development trends. This potential conversion is part of a wider movement among developers to repurpose underutilized office buildings to address the growing demand for housing in dense urban centers. FiDi’s established infrastructure, transit access, and amenities make it an attractive candidate for such transformations. Bushburg’s acquisition highlights not only its strategic foresight but also the increasing viability and appeal of converting distressed commercial properties into residential spaces. If successful, this initiative could serve as a model for other cities grappling with excess office inventory and acute housing shortages, encouraging similar adaptive reuse projects.

Why now?

Several factors converge to make this acquisition and potential conversion timely. Over the past 18 months, the real estate market has seen a marked shift toward converting office spaces into residential units, driven largely by evolving work patterns. The rise of flexible and hybrid work models has reduced the demand for traditional office environments, leaving many commercial properties underutilized. Concurrently, urban centers like FiDi face persistent housing shortages, intensifying the need for innovative solutions to increase residential supply. Additionally, the current economic climate, characterized by distressed commercial assets, offers investors like Bushburg an opportune moment to acquire properties at favorable prices and reposition them to meet new market demands.

So what?

Bushburg’s acquisition and potential conversion carry significant implications for urban development and real estate markets. Transforming office buildings into residential units can help alleviate housing shortages while revitalizing neighborhoods historically dominated by commercial activity. This shift could foster a more balanced urban ecosystem, where increased residential presence supports local businesses, enhances street-level vibrancy, and promotes community engagement. For real estate developers, this trend underscores the necessity of flexibility and adaptability in asset management, especially amid fluctuating market conditions and evolving urban needs.

What this means for you:

• For city planners: Evaluate and consider zoning reforms to facilitate increased residential development within traditionally commercial districts.
• For smart city program managers: Prioritize integrating smart infrastructure and technologies in newly converted residential spaces to improve urban living experiences.
• For real estate technology leaders: Utilize advanced data analytics to identify and capitalize on office-to-residential conversion opportunities.

Quick Hits

• Impact / Risk: Converting office spaces to residential units could significantly influence FiDi’s real estate market, potentially driving up property values and transforming the district’s character.
• Operational Implication: Real estate firms may need to adjust their portfolios and strategies to embrace mixed-use developments and leverage conversion opportunities.
• Action This Week: Review current zoning regulations for adaptability; analyze market data on distressed office assets; brief executive teams on emerging conversion trends.