NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street in New York City’s Financial District into 571 luxury apartment units. Conversion of the 30-story office tower will occur in phases.
JLL arranged the four-year, floating-rate loan through Mexico City-based Banco Inbursa on behalf of the borrower, a partnership between Metro Loft Developers LLC and Silverstein Properties. JLL also advised on the procurement and structuring of equity for the deal. The Rudin Family sold the building to the developers for about $173 million, according to Crain’s New York Business.
Upon completion, 55 Broad Street will feature studios, one-, two- and three-bedroom units along with roughly 17,000 square feet of amenity space. Amenities will include a rooftop pool, fitness center, coworking facilities and sports simulators.
The project will be one of the first fully electric residential buildings in Manhattan, leveraging self-contained heating and cooling systems. Mechanical renovations will bring the building to 100 percent carbon neutral and will enable the creation of additional amenities and rentable floor area.
Located less than two blocks from the Bowling Green subway station, 55 Broad Street offers connectivity to destinations across the city and the tri-state area. Additionally, Whole Foods Market recently a new store less than two blocks from the property.
Christopher Peck, Eliott Zeitoune, Alex Staikos and Drew Isaacson led the JLL team.
“Post-pandemic demand has shifted the dynamics of the office market and the conversion of 55 Broad Street into a best-in-class residential property reflects this trend,” says Peck. “Metro Loft is a pioneer in the conversion space, having successfully completed 16 conversions spanning over 3 million square feet and 3,000 units in the Financial District alone.”
Metro Loft is a vertically integrated real estate development and management company founded in 1997. The firm has spent the past two decades redeveloping iconic buildings in downtown New York City such as 443 Greenwich St., 20 Exchange Place and 63 Wall St.
Silverstein Properties is a privately held, full-service real estate development, investment and management firm founded in 1957. The company is best known for the redevelopment of the World Trade Center.
— Kristin Harlow