File photo: lower-facade detail of 55 Broad Street, May 2024, before the conversion was completed. SnowFire / Wikimedia Commons, CC BY 4.0. Cropped and resized.
A completed Manhattan office-to-apartment conversion has a new minority investor and a $305 million loan, in a transaction that values the property at more than $500 million.
Newmark said Friday it arranged the recapitalization and financing of 55 Broad Street for Silverstein Properties and MetroLoft. RXR acquired a minority interest in the 571-apartment Financial District property, while Wells Fargo provided the loan to the new joint venture.
The dollar amounts describe different parts of the transaction. The $305 million is financing, not the price RXR paid for its stake. The valuation above $500 million applies to the property, not to the minority interest alone. Newmark did not disclose RXR’s ownership percentage or investment amount in its announcement.
A completed deal, not a new conversion
The transaction changes the capital behind an existing residential property. The 35-story building’s office-to-residential conversion was completed in 2025, according to Newmark. Its 571 apartments include 428 market-rate units and 143 affordable units, alongside about 8,340 square feet of ground-floor retail.
Friday’s announcement is not the delivery of another 571 new apartments. It is a financing and ownership transaction involving apartments that have already been created.
RXR had described plans to lead a recapitalization of 55 Broad Street in an April announcement. Newmark’s November 13 release reports the completed recapitalization and the Wells Fargo financing.
Fresh capital for a converted building
In a recapitalization, investors change the mix of ownership and financing behind a property. Here, RXR joins the ownership structure through a minority investment, while the joint venture takes on the new loan.
The building is near Wall Street, the World Trade Center and several transit links. Its amenities include coworking space, a fitness center and a rooftop pool, according to Newmark.
The announcement did not disclose the loan’s interest rate, maturity or other borrowing terms. Without those details or the size of RXR’s stake, the headline valuation does not show how the transaction’s proceeds or risks are divided among the partners.
JBizNews Desk | New York
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