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New York & Tri-State  + Downtown New York  + Apartments  |  February 5, 2026
Paul Bubny
By: Paul Bubny

Onetime NYSE Home Lands Construction Loan for Residential Conversion

Newmark facilitated $191.5 million in construction financing for the redevelopment of 40 Exchange Pl., the onetime home of the New York Stock Exchange in Lower Manhattan’s Financial District. Co-president of Global Debt & Structured Finance Jordan Roeschlaub and vice chairman Chris Kramer secured the financing on behalf of owner GFP Real Estate, with support from associate director Tim Polglase. The funds were provided by Derby Lane, an alternative asset manager focused on capital solutions within real estate credit.

Marking GFP’s third residential repositioning in Lower Manhattan, 40 Exchange Pl. will be converted into a residential property offering 382 multifamily units, including a mix of fair-market and affordable housing, alongside ground-floor retail and a full suite of tenant amenities. The conversion will be supported by federal and state Historic Rehabilitation Tax Credits and a 35-year 467-m tax abatement upon completion.

The 40 Exchange Pl. project builds on GFP’s recent delivery of 25 Water St. and ongoing conversion of 222 Broadway.

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Newmark's Roeschlaub

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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