Broad Street JV Secures Financing to Convert 80 Broad Street Into 326 Rentals

Overview

• Broad Street Development, partnering with PCCP and One Investment Management, completed a $250 million recapitalization and locked a $175 million construction loan to convert the Maritime Building at 80 Broad Street into 326 rental apartments under New York City's 467-m program.
• Derby Lane Partners is providing the construction financing in a transaction arranged by Newmark's capital markets and debt teams.
• The 36-story, 400,000-square-foot prewar tower opened in 1935 and underwent a full renovation in 2009 with cosmetic upgrades in 2012, according to reporting cited from Yardi Matrix.
• The sponsor says construction will start immediately, with Rawlings Architects leading the design and Korban Studio crafting the interiors.
• The project adds new homes in the Financial District near major transit, and it joins a growing wave of office-to-residential conversions in Lower Manhattan made feasible by the 467-m tax exemption.