Silverstein Properties, Metro Loft Acquire 55 Broad Street for $173M
Silverstein Properties and Metro Loft Management have jointly acquired 55 Broad Street, a 30-story office building in New York’s Financial District, for $172.5 million from the Rudin Family, who will retain an equity stake in the project.
The partners plan to convert the building into 571 market-rate apartments, one of the largest office-to-residential conversions in the city. The project, designed by CetraRuddy Architecture, will include amenities such as a private club, co-working space, rooftop pool, and sustainable features to achieve LEED certification. Construction is set to begin next month and is expected to take two years to complete.
“Amid a citywide housing shortage, our conversion of 55 Broad Street will create hundreds of new apartments in Lower Manhattan,” said Marty Burger, CEO of Silverstein Properties. “As our local and national policymakers look to conversions as a critical way to generate new housing, Downtown continues to be a model mixed-use neighborhood, offering lessons to cities across the country.”
JLL worked on behalf of the buyer to secure a $220M loan through Banco Inbursa with a team led by Christopher Peck, Eliott Zeitoune Alex Staikos and Drew Isaacson.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.