JV Clears Path for Residential Conversion of Lower Manhattan’s Maritime Building

Raymond Chalmé and Daniel Blanco’s Broad Street Development (BSD), in partnership with PCCP and One Investment Management, have completed the recapitalization and secured a $175-million construction loan, clearing the path for the adaptive conversion of the Maritime Building at 80 Broad St. in Manhattan’s Financial District. The joint venture will convert the 400,000-square-foot office tower into 326 rental apartments, utilizing New York City’s 467-m office-to-residential tax incentive program.

Newmark’s co-head, U.S. Capital Markets Adam Spies and executive vice chairman Adam Doneger advised the JV. Newmark co-president, Global Debt & Structured Finance Jordan Roeschlaub, vice chairman Nick Scribani, director Holden Witkoff and associate Niv Shahmoon secured the financing through Derby Lane Partners.

BSD has owned the Maritime Exchange Building since 2014 and has spent the past two years planning and advancing the conversion. “This recapitalization marks a major milestone and the formal launch of a residential redevelopment that will transform a historic Downtown office tower into a modern residential community,” said Chalmé. “We believed in the potential of this amazing property and the neighborhood.”