As of 2023 it is being redeveloped into a residential building that is planned to have over 1,300 apartments, which would make it the largest office-to-residential property conversion in the United States.

The reddish-brown brick exterior was chosen to match the style of historic buildings from the Dutch era of New Amsterdam, such as the Stadt Huys Site.

[15] Harbor Group sold the building in 2012 to HSBC Alternative Investments and Edge Fund Advisors for $270 million.

[19] Due to financial troubles resulting from the decline of newspapers and the coronavirus pandemic, the Daily News closed their newsroom, which was in the building, in 2020.

[20] JPMorgan also sought to cut back usage in 2021, attempting to sublet space no longer needed due to the rise of hybrid work.

Changes in local regulations helped; the mayoral administration of Eric Adams encouraged projects to build more housing, and rolled out zoning changes and tax breaks designed to ease such conversions.

Plans were made to add 10 more floors to the existing 22, and to replace the red-brown brick exterior of the structure, or repaint it a light beige.