NYC Government Building for Children’s Services to be Converted into Apartments

After the city’s Child Services unit moved nearby to 110 William Street in FiDi in 2025, Bushburg Builders LLC, a real estate company, seems set to convert the former city building at 150 William Street to residential apartments.

The building, which houses 19 floors and more than half a million square feet, was listed last August for $200 million by KF Braun Management, representing building owner Moses Marx, according to Realtor. The ACS had extended their lease until August 2025, before vacating the extensive property. During ACS’ lease, the asking rent stood at $30.19 per square foot.

Previously called the Royal Insurance Building, the property was first built in 1927 between Ann Street and Fulton Street, eventually filling the entire block with an expansion in 1931. Before housing ACS, the building served as the U.S. headquarters for Liverpool’s Royal Insurance Company. In 1984, the building sold to its current owner KF Braun Management.

Now, Bushburg Builders, owned by Abraham Hoffman, has filed to convert the current offices on the 13th floor of the building, just over an area of 20,000 square feet, into residential apartments with the help of architect Gerald Valgora, according to May 23 filings seeking approval. With this filing, a payment for the job was entered at $35,901.75 but the total estimated job cost rests at $2 million. From this initial conversion, records detailed how Bushburg would plan to subsequently file to convert the rest of the property for ‘predominantly residential use’ under NYS property law 467-m, which allows developers to convert empty buildings tax exempt into rent-stabilized residences.

If approved, this FiDi building will join yet another office building converted in the busy neighborhood, joining the recent conversion of 222 Broadway, which formerly housed Bank of America and now has 788 units available for occupancy.