NEW YORK CITY — Newmark has arranged $218 million in financing for the acquisition and office-to-residential conversion of 101 Greenwich Street in downtown Manhattan. Apollo Global Management provided the funds to the borrower, a partnership between Quantum Pacific and MetroLoft Developers.
According to the property website, 101 Greenwich Street was originally constructed in the early 20th century and spans 480,000 rentable square feet. Neither a timeline for construction nor information on residential floor plans or amenities was announced, but the New York Business Journal reports that the new complex will have 614 units.
Jordan Roeschlaub, Christopher Kramer and Holden Witkoff led the debt placement efforts for Newmark on behalf of ownership. Adam Spies and Adam Doneger, also with Newmark, represented the seller, institutional investment firm BentallGreenOak, in the $105 million sale of the property.
According to the deal team, 101 Greenwich Street is a viable office building for residential conversion due to certain design features, such as U-shaped floor plates, extensive window lines, strong natural light and above-average ceiling heights.
— Taylor Williams