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That is a good update on this project. This and a few others had me (on many others) wondering.
Unsold Financial District condos are piling up: the Real Estate practice of âshadow inventoryâ will keep us all in the dark regarding how how hi that pile is right now.
The only thing we know for sure is that neighborhood currently has a very large supply of unsold condo apartment. One reason is that the pandemic has changed the minds of many potential buyers: no need to live near where you work - when you work from homeâŚ
That being said; my top choice would be to live in FIDI. I am a statistical outlier on that sentiment. I like the desolate, uncrowded atmosphere; and the short distance from many different subway lines. The apartments in those office/condo conversions are quite spacious, and âloft likeâ in terms of size, ceiling heights, and general floor plan.
We now need to find a way to make these stalled projects less of an eyesore. Perhaps a platform enclosure with benches and artificial shrubbery for the public to enjoy. 
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Do you think the developers might try and turn this into a commercial building?
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Many developers (except the really big ones) arenât willing to go through the ULURP process that this site would need to go through to be turned into commercial zoning because itâs a long drawn out process, so thatâs pretty doubtful.
This site would also not produce anything that fruitful in terms of commercial floor space because the footprint is relatively small.
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There has been a glut of unoccupied commercial space in FIDI more many years now. The large number of Financial District Office buildings currently being converted to residential condos is a result of that very same excess supply of commercial space. The question of converting this project to residential is surly not a viable alternative - mainly due to basic economic laws of supply/demand.
I still think this is a great area to buy a condo; for all the reasons I stated above, and more. The apartments I have seen that were converted from commercial property often have really nice interiors.
Here is an inside-out view of a recent adaptive reuse of a former commercial building on Broad Street near Wall Street. The condos in these apartments are impressive: and the windows/views/natural are fantastic.
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To me that looks more like a night time view apartment.
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I get your point. However, this would actually be (like most FIDI) considered a âno viewâ apartment. What is of primary importance in any apartment is plenty of natural daytime light. Every room in this apartment has those wall-to-wall window: providing plenty of natural light.
This area is not a very popular place to live given the location, commercial zoning, and dark narrow streets, etc. The compensating factor is the spacious, well lit, luxurious interiors of most of these office-to-condo conversions. The same level of quality living space on an uptown apartment in a desirable residential area would cost considerably more on a price per square foot basis.
As I like to say: they will come for the attractive architecture and stay for the the well designed interiors.
Too bad about 111 Washington Street getting stalled. The reason being that there are MANY fine apartments like this on the market - and even more being held as âshadow inventoryâ.
I would not say all of these recent office to residential conversions have as great of a naturally lit aspect to them as youâre implying.
Because of the deep floor plate of some of these building conversions, the units are extremely long and narrow, making them resemble a cave or long hallway, though they may be naturally lit and have large windows, I would not consider them to be well lit. It doesnt matter if every room has large windows if the layout of the units are too long and narrow to be lit naturally properly.
I am also somewhat interested in the shadow inventory term you bring up because youâve changed from using apts and condos in your posts, which arenât really the same. Unless you are saying that this shadow inventory occurs for both of them, which it definitely doesnât for apts, otherwise NY wouldnât be in a housing crisis atm.
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My pet peeve, a condo (usually) is an apartment. The distinction is condo vs rental.
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In the video I linked regarding âshadow inventoryâ is not clear to me if the practice applies to only condos, rentals, or residential and/or commercial.
My âgeneralâ point was to link that video regarding the concept of âshadow inventoryâ - which I found to be quite interesting. I am mostly âspitballingâ when I post hereâŚso pardon the fast and loose style. 
I do realize that there is also a distinction between condo and co-op too. I tend to use the term Condo for all residential properties for sale, as apposed to rent. To further complicate matters - I think there are commercial condos too⌠
Point taken regarding the difference between condo vs rental. If ever I decide to write articles for ENR or Architectural Record - I will try to be more accurate in my writing⌠