55 Broad Street

Silverstein Properties, a national real estate investment, development, and management firm, and Metro Loft Management, the largest developer of office-to-residential conversions in New York City, today announced the acquisition of 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. Funds managed by Ares Real Estate acquired a preferred equity interest in the project. The partnership is planning to convert the 410,000-square-foot building into 571 market rate apartments, making it one of the largest office to residential conversions in New York.

Silverstein and Metro Loft’s conversion will continue what has become a tradition of the successful repurposing of offices for new housing in Lower Manhattan. Mayor Adams has pointed to the area’s success as a case study for Midtown. Following initial waves of projects in the 1990s and early 2000s, more than 19 million square feet of offices in Lower Manhattan have been converted into apartments since 1995, according to the Alliance for Downtown New York. At the same time, city census data shows the population residing in Manhattan has increased since 2010, recently increasing by more than 17,000 residents between 2021 and 2022.