MetroLoft Developers, Silverstein Properties receive $220m for NYC conversion
Transactions - AUGUST 2, 2023

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MetroLoft Developers, Silverstein Properties receive $220m for NYC conversion

by Andrea Zander

MetroLoft Developers and Silverstein Properties have plans for the conversion of 55 Broad St., a 30-story office tower located in New York City’s financial district. The property will undergo a phased conversion into a best-in-class, 571-unit luxury apartment building.

JLL’s Capital Markets group secured $220 million in financing and advised on the procurement and structuring of the equity for the conversion.

55 Broad St. will feature studios, one-, two- and three-bedroom units and approximately 17,000 square feet of amenity space, including one of only three rooftop pools in a rental property south of Chambers Street, co-working facilities, fitness center and sport simulators. Units will include condominium-level finishes, custom-built kitchens with stainless-steel appliances, Italian designer cabinetry and fixtures, and in-unit washers and dryers. The property will be one of the first fully electric residential buildings in Manhattan and Local Law 97 compliant, l

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