In the market for a luxury residential building in Lower Manhattan? You’re in luck.
Silverstein Properties and Metro Loft Management have put their 344,000-square-foot multifamily building at 55 Broad Street in Manhattan’s Financial District up for sale, Commercial Observer has learned.
SEE ALSO: UPS Sells Portfolio to Fortress for $368M Amid Cost-Cutting Effort
Newmark’s Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo and Avery Silverstein are marketing the property, according to a source familiar with the deal, and a sales price above $500 million is being targeted.
The 30-story building, on Broad Street between Exchange Place and Beaver Street, includes 571 units — 143 of which are affordable — and 8,340 square feet of retail space. Its residential component is roughly 76 percent occupied, according to an offering memorandum viewed by CO. Its 25,000-square-foot amenities space includes a gym, a sports simulator and a rooftop pool.
Designed by Emery Roth & Sons in 1967, the building once served as Goldman Sachs’ headquarters. Silverstein and Metro Loft acquired the then-office building from the Rudin family in July 2022, paying $172.5 million. Rudin and Ares Real Estate retained stakes in the property following the sale. The building’s new owners then undertook one of the largest office-to-residential conversions in New York City at the time.
“We can confirm that 55 Broad Street is for sale – that was our plan from the beginning,” a Silverstein spokesperson said. “The conversion has been a tremendous success: The building and all of its amenities are complete, and it is already over 75 percent leased. It’s a wonderful building in a terrific location, and we are very proud of the job our team did.”
Metro Loft didn’t immediately return a request for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.