Conversion in Store for NYC’s 20 Broad St.
MetroLoft is moving forward with the conversion of the office tower at 20 Broad St. into a Class A mixed-use building.
By Keith Loria, Contributing Editor
20 Broad St., New York City
New York—MetroLoft, the development firm controlled by Nathan Berman, has received $125 million in acquisition and pre-development financing and $45 million in preferred equity to convert 20 Broad St., a 29-story office building in New York’s Financial District, to a mixed-use Class A multifamily and retail building.
JLL’s capital markets team helped secure the financing from an investment bank and Alliance Bernstein, while the Vanbarton Group supplied the preferred equity.
“With Manhattan land and property prices on the rise, it’s challenging to identify residential rental projects that make economic sense,” Max Herzog, JLL’s managing director, said in a prepared release. “MetroLoft was able to secure one of the best located properties in the booming financial district to convert it into a profitable, Class A rental property.”
Once completed, the property will include more than 500 multifamily units and up to five floors of retail space featuring frontage on three streets.
MetroLoft’s has been busy in the Financial District of late, with office-to-residential projects in 17 John St., 20 Exchange Place and 180 Water St.
According to Herzog, given MetroLoft’s experience converting large downtown office properties to multifamily properties, the lending market’s response to the financing opportunity was extremely positive.
The 20 Broad St. building is close by numerous restaurants, retail, cultural attractions and transit, and receives a tremendous amount of foot-traffic.
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