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RXR Closes on Financing for FiDi Office-to-Resi Conversion
RXR, in partnership with One Investment Management, has closed on more financing for the $500-million-plus office-to-residential conversion of 61 Broadway, an office building in Manhattan’s Financial District, into a 796-unit residential tower. Construction will begin later this month and the first units are expected to be delivered in the first half of 2028.
Originally built in 1913, the property is a candidate for state and federal historic tax credits, with JPMorgan providing a $55-million tax equity investment as part of the capital structure. Project capitalization also includes $420 million of construction financing provided by affiliates of Apollo. A JLL Capital Markets team led by Andrew Scandalios, Drew Isaacson, David Giancola and Jennifer Zelko represented RXR in the financing.
“61 Broadway demonstrates what can be achieved when thoughtful public policy meets private-sector expertise,” said Scott Rechler, chairman and CEO of RXR. The firm has other residential conversions in the works, including 5 Times Square in Midtown.
- ◦Development
- ◦Financing
