Real estate developer, investor and manager Silverstein Properties and office-to-residential conversion developer Metro Loft Management, both based in New York City, have acquired 55 Broad Street, a 30-story office building in the city’s Financial District, with the intent of converting the property into 571 market-rate apartments.
The joint venture purchased the property from the Rudin family, who will retain an equity stake in the redevelopment, for $172.5 million, according to a press release shared with Multifamily Dive.
Originally developed by Rudin Management and designed by Emery Roth & Sons, 55 Broad Street opened in 1967 and served as the headquarters for investment banking company Goldman Sachs until 1983. The building’s office space is currently 60% occupied.
Once complete, the 410,000-square-foot office-to-residential conversion, designed by New York City-based CetraRuddy Architecture, will be among the largest in the city’s history, according to the release.
Construction is expected to begin next month and will take approximately two years, according to the developer. Units are expected to range from studios to three-bedroom apartments, and planned amenities include a private club, wellness and fitness centers, a coworking space, a landscaped sundeck and a 45-foot-long rooftop pool.
CetraRuddy took advantage of 55 Broad’s existing form to design a variety of apartment sizes and types, said John Cetra, founding principal of CetraRuddy Architecture, in the release. The conversion design opened up additional square footage at the top of the building, Cetra added, adding to the investment’s value.
The developers will also convert the entire building to run on electric power, and expect to achieve LEED certification on the redeveloped property. The new system is projected to use 22% less energy than the existing structure.
