Solomon Schwimmer files 50-unit commercial-to-residential plans in FiDi

UPDATED 6:56 a.m., February 26, 2026: Solomon Schwimmer through the entity Twin Group Associates submitted a major alteration application to convert the six-story commercial (COM) building at 16 Beaver Street in the Financial District, Manhattan, into an 11-story residential building with 50 apartments. The plan was filed with the New York City Department of Buildings on February 19, 2026 under job number M01358670. It calls for an increase in size of the building from a six-story building with no dwelling units to an 11-story building with 50 dwelling units. The project is described in the filing as: MPP project #561 conversion to residential and 5 story vertical enlargement to existing 6 story and cellar commercial building. Total 11-story and cellar mixed-use building.
City property records show the building has been controlled by Dalan Real Estate through the entity 16 Beaver Enterprises LLC since January 2022, after Dalan signed a 99-year ground lease with the property owner, John Spyropulos. Dalan Real Estate sold its leasehold to Solomon Schwimmer on February 23, 2026.

16 Beaver Street

The property

The retail building in Financial District has 15,678 square feet of built space and 10,452 square feet of additional air rights for a total buildable of 26,130 square feet according to a PincusCo analysis of city data. The parcel has frontage of 41 feet and is 73 feet deep with a total lot size of 2,613 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 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 $3.7 million.

Prior sales, articles and revenue

The 15,678-square-foot property generated revenue of $656,559 or $42 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $7,500 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 3rd highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 18.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 11 commercial properties representing 1,996,340 square feet of the 2,038,224 square feet. The largest owner is Broad Street Development, followed by Heejung Kang and then Jackson Mak. There are no active new building construction projects on this tax block.

The surrounding

Within a 400-foot radius of 16 Beaver Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. One of those four items was a sale which RSS WFCM2015-NXS2-NY WAM LLC and Rialto Capital Advisors bought the 19,478-square-foot, six-unit mixed-use building (O8) on 70 Broad Street for $20 million from Caihong Chen, Caiyun Chen, Mingsen Chen, and Shuigun Chen on March 20, 2025. Of those four items, three were loans above $5 million totaling $57.6 million. The most recent of the three was Jackson Mak in which borrowed $22.3 million from OptimumBank secured by the 59,410-square-foot, one-unit hotel (H2) on 11 Stone Street on January 21, 2026.
UPDATED: The post was updated to note Solomon Schwimmer had purchased the ground lease.

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