BDB Construction to complete 142,000 s/f hotel-to-student housing conversion and reconstruction

Manhattan, NY BDB Construction Enterprise has begun its transformation of a high-rise hotel into new student residences in New York’s Financial District.

The tower at 99 Washington St. — formerly a 492-key hotel recognized as the Holiday Inn flag’s tallest worldwide — has opened its first phase, now housing students and interns from nearby universities. The highly innovative, 650-bed dormitory complex is cited by CTBUH as a record-setting structure: At 50 stories and 485 feet tall, it is the tallest student accommodation in the world.

Led by Tallal Bhutta, founder and CEO of BDB Construction, the targeted reconstruction and conversion of the 142,000 s/f property for owner-developer FOUND Study brings new finishes, cabinetry and fixtures to all its rooms and common areas. A reimagining of shared spaces and amenities to better serve a student resident population, currently underway, will be complete later in 2025, with FOUND Study FiDi offering occupants a communal kitchen and dining areas, laundry rooms, lounges, shared study zones, and a fitness center.

“Our approach to repositioning projects of this kind moves them as quickly as possible to occupancy, allowing the owners to reach their revenue phase early,” says BDB’s Bhutta, who holds advanced degrees in construction management and structural and civil engineering. “Converting the hotel tower at 99 Washington Street into student residences is being completed in two discrete phases, so they achieved occupancy for about half of the 650 planned beds before this fall semester started.” 

Bhutta notes that the remaining transformation includes a creative conversion of an adjacent chapel building as shared amenity space, set to open in 2026.

“We accomplish this kind of speed to market by being involved in the earliest planning phases and contributing to decision-making, so that all stakeholders and trades are aligned on goals, process, and schedule,” said Bhutta.

A National Campaign for Student Housing
“As students nationwide are challenged to find affordable, convenient high-quality residential offerings in major cities, BDB Construction Enterprise is at work nationally readying new and renovated offerings to supplement existing dormitories,” said Bhutta.

While working on 99 Washington St., BDB Construction Enterprise has also completed a major renovation of a 75-student apartment building in Berkeley, California, representing a national expansion and the company’s first West Coast project. “The new FOUND Study Downtown Berkeley, which includes private and shared suites with in-home appliances and en suite bathrooms, was completed in just six weeks,” says Bhutta.