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 NYC. Designed by CetraRuddy Architecture, this project will include amenities such as a private club, co-working space, rooftop pool and sustainable features to achieve LEED certification with construction set to begin next month and expected completion within two years.
Marty Burger (CEO of Silverstein Properties) commented on this acquisition saying: “Amidst citywide housing shortage our conversion of 55 Broad Street will create hundreds of new apartments in Lower Manhattan – demonstrating how Downtown can be used as model mixed use neighborhood offering lessons for cities across America.”
