BlueFin Equities files plans to convert FiDi commercial to resi with 169 units

BlueFin Equities submitted a major alteration application for the conversion of a 234,553-square-foot commercial (E) building at 40 Fulton Street in Financial District, Manhattan, at the corner of Pearl Street, to a residential building with 169 units. The plan was filed with the New York City Department of Buildings on December 19, 2025 under job number M01333701. It calls for the increase in size of the building from a 28-story building with no dwelling units to a 30-story building with 169 residential dwelling units. The project is described in the filing as: filing for the conversion of an office to a residential use.

40 Fulton Street

The property

The office building in Financial District has 234,553 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 101 feet and is 123 feet deep with a total lot size of 11,828 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $39.2 million. The most recent loan totaled $40 million and was provided by Deutsche Bank on December 21, 2023.

Prior sales, articles and revenue

This property was ground leased by landlord Fulton & Pearl Holding LLC, an entity affiliated with the signatory Jacob Klein, for 99 years, valued at $88.9 million, to Samuel Fisch on December 21, 2022. Samuel Fisch is affiliated with BlueFin Equities.

The 234,553-square-foot property generated revenue of $8.9 million or $38 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $1,850 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Financial District is the 4th most active neighborhood among other neighborhoods. It had 17.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the nine commercial properties representing 1,079,453 square feet of the 1,093,135 square feet. The largest owner is Goldberg Group, followed by Moses Marx and then Rockrose Development. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Samuel Fisch owned at least one commercial property in New York City with 234,553 square feet and a city-determined market value of $34.7 million. (Market value is typically about 50% of actual value.) The portfolio has $65 million in debt, borrowed from Deutsche Bank and Bank of New Hampshire. The portfolio consists of at least a single office property. It is located in Manhattan.

The surrounding

Within a 400-foot radius of 44 Fulton Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on June 3, 2025 for the $3.9 million renovation of 33,650-square-foot residential (R-2) building with 49 residential units at 64 Fulton Street. One of those four items was a sale which Jack Ancona, Steven J. Ancona, and Emilio Rivera Torres bought the 40,564-square-foot, 51-unit office building (O6) on 64 Fulton Street for $10.5 million from William Hocking, Gloria Dattoma, Sanford Lowentheil, and Matthew Seiden on March 6, 2025. Of those four items, two were loans above $5 million totaling $293 million. The most recent of the two was Sentry Realty in which borrowed $280 million from Deutsche Bank secured by the 487,950-square-foot, 574-unit rental (D6) on 180 Water Street on August 4, 2025.

Direct link to the property’s ACRIS page and link to DOB NOW portal.