Lower Manhattan Building Comes Back Online Following Residential Conversion Completion
A 36-story, 571-unit residential tower that is nearing construction completion at 55 Broad Street represents a re-envisioning of the former headquarters of Goldman Sachs. The building’s wedding cake shape made it ideal for an office-to-residential conversion, “because no void had to be created for apartments to get light,” while the setbacks have added additional landscaped terrace space. Dating back to the late 1960’s, the approximately 440,000-square-foot building originally designed by Emory Roth & Son will be starting a new chapter when it reopens its doors in mid-2025 offering a mix of residential units ranging from studio up to three bedrooms at starting rents of $4,000 to about $10,000 a month. Expected to be the “first fully electric office-to-residential development to achieve LEED certification, tenant amenities will spread across 25,000 square feet of mixed indoor and outdoor space including a lap pool, lounge seating, and a barbecue grill on the landscaped roof deck in addition to a lounge space within the renovated bulkhead featuring floor-to-ceiling windows. Co-developers Metro Loft Development and Silverstein Properties acquired the property in 2023 for $172.5 million, having secured $220 million in financing from Banco Inbursa — a $40.219 million restated senior loan mortgage, $123.649 million building loan, and $56.132 million project loan. The project further contributes to the evolving landscape of the area whose streets where once lined by “imposing headquarters for the titans of finance” and now has become a 24/7 residential neighborhood. Although the recent rate cut by the Federal Reserve will help the “alleviate the financial gridlock the industry has been experiencing,” financing continues to be challenging, citing the previously converted 20 Broad Street building, where Metro Loft and its partners are “determining whether or not it is economical to put in the additional capital necessary for refinancing” after being unable to repay a five-year $250 million mortgage that came due in early September despite the building operating at 99% occupancy.
Source: https://www.crainsnewyork.com/real-estate/ex-goldman-hq-55-broad-now-open-renters