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FiDi Office Tower Poised to House 800 Apartments
San Francisco-based asset manager TPG and New York City-based developer GFP Real Estate plan to convert 222 Broadway in Lower Manhattan’s Financial District into 798 apartments, the New York Business Journal reported, citing filings with the New York City Department of Buildings. The conversion is expected to cost about $43.6 million.
The filings show that the development partners will have about 600,000 square feet of residential space to work with due to zoning regulations. About 40,000 square feet of the building will be reserved for commercial use, reported the Business Journal.
Listings show about 450,000 square feet of office space available at 222 Broadway. DOB filings show the residential conversion would be 430 feet tall, up about 40 feet from its current height, although the building’s size will shrink from 778,000 to 724,000 square feet.
GFP and TPG bought the building for $147.5 million this past spring. Its previous owner, the asset management arm of Deutsche Bank, paid $502 million in 2014.
- ◦Development
