RXR, working in partnership with One Investment Management, has closed additional financing for the office-to-residential conversion of 61 Broadway in Manhattan’s Financial District. The former office property is slated to become a residential tower totaling 796 units, with the capital stack for the project exceeding $500 million. Construction is scheduled to start later this month, and the first residential units are projected to be delivered in the first half of 2028.
The building at 61 Broadway was originally completed in 1913 and is identified as a candidate for both state and federal historic tax credits. As part of the capitalization, JPMorgan is providing a $55 million tax equity investment tied to those historic incentives. In addition, affiliates of Apollo have committed $420 million in construction financing to support the conversion of the historic office asset into housing.
RXR was represented in arranging the financing by a JLL Capital Markets team led by Andrew Scandalios, Drew Isaacson, David Giancola and Jennifer Zelko. The financing structure combines tax equity with large-scale construction debt, reflecting the layered capital approach often required for complex historic conversions in major central business districts.
Commenting on the project, Scott Rechler, chairman and CEO of RXR, said that 61 Broadway illustrates what can be achieved when public policy and private-sector expertise are aligned. The firm has additional office-to-residential conversions underway, including a separate project at 5 Times Square in Midtown.
The 61 Broadway financing highlights ongoing capital commitment to large-scale adaptive reuse in Manhattan’s Financial District, with multiple institutional participants backing the long-term repositioning of a century-old office tower into a multifamily asset.
