161 Water Street
| Company type | Office building |
|---|---|
| Industry | Commercial real estate |
| Founded | 1983 |
| Headquarters | New York City , United States |
Area served | Financial District, Manhattan, New York City |
| Owner | Company connected to billionaire Ken Dart (as of 2022) |
161 Water Street—also referred to as the Water Street Associates Building and formerly known as 175 Water Street—is an office tower situated in the Financial District, Manhattan of New York City.
History
The location once hosted three commercial structures dating back to the 19th century. During construction activities in 1982, remnants of an 18th-century vessel were discovered; some of these artifacts were subsequently transferred to the Mariners' Museum in Newport News.
Finished in 1983 with a design by Fox & Fowle, the building was entirely leased by National Westminster Bank prior to its official opening. In 1995, ownership transferred to AIG, which established its headquarters there from 1996 until moving to 1271 Avenue of the Americas in 2021.
In 2019, Metro Loft entered into an agreement to acquire the property from AIG. Later, in 2022, a company connected to billionaire Ken Dart purchased the building from Vanbarton Group, which decided to sell after proposed zoning amendments permitting residential conversion failed to come into effect.
By January 2024, the proprietors secured a $41.3 million tax incentive spanning two decades through New York City's "M-CORE" initiative. This program aims to aid office buildings experiencing significant vacancies by facilitating renovation efforts. At that point, approximately 95% of the rentable area remained unoccupied.
Tenants
Among the prominent occupants are fashion label Bode and beverage enterprise Ghia. Additionally, the building functions as a location for various events, including social gatherings and fashion presentations.