Residential Development Comes to the Financial District Office-to-Condo Conversions Move Full Steam Ahead

25 Broad Street (photo: LCOR)

Two major residential projects are garnering attention in a New York City neighborhood mainly known for stocks, bonds and derivatives.

The area in question is the Financial District, where a couple of noteworthy office-to-condo conversions are taking place. While the neighborhood is unlikely to be now called the Condominium Conversion District anytime soon, the conversion of these particular historic and landmarked buildings is a sign that Manhattan’s luxury residential scene is making its way further south.

Sales launched on May 2nd at the Broad Exchange Building -- or 25 Broad Street -- a former headquarters of Paine Webber, the investment bank and brokerage firm that was at one point the largest office building in all of Manhattan. Developed by LCOR, the project is aiming for a sellout of about $395 million for its 307 units. Architectural firm Clinton & Russell handled the design.

The units will be split among 168 single-bedrooms, 135 two-bedrooms, and four penthouses with prices starting at just under $1 million. On the higher end, at least one two-bedroom/two-bath apartment currently available on the project’s sales site would run a buyer just over $2 million.

Interior of 25 Broad Street (photo credit: LCOR)

In a statement, David Sigman, executive vice president of LCOR, said that “The transformation of Downtown has propelled the demand for homes in the neighborhood. Compared to many of these new condominium offerings, The Broad Exchange Building's listings represent a price point unrivaled in the current market. The building's rich history, ample modern amenity spaces, and location in the heart of FiDi make it a truly unique offering and we're excited to bring it to market.

Meanwhile, One Wall Street -- whose sales should open this fall -- is being touted as the largest office-to-condo project in the history of the city. Macklowe Properties developed the one-time home of investment bank Irving Trust after acquiring the 50-story building in 2014 for $585 million.

The property will offer 566 condo units at an average sales price of $3 million, with the triplex penthouse asking upwards of a reported $38 million.The 100,000 square feet of amenities will include a 39th-floor roof deck and an enclosed pool on the 35th and 36th floors. Forty-seven of the units will feature private terraces, and the building will have its own Whole Foods store. Construction is expected to be completed by 2020.

Mike Odenthal is a staff writer at The Cooperator.

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Comments

  • When it occurs, why do developers typically convert buildings to condo rather than co-op? Are there financial reasons? Is a conversion to condo faster than to co-op? Are younger buyers more familiar with condos? Do co-ops have a bad, perhaps outdated, reputation? What are the reasons for one over the other?