55 Broad Street, a 30 story office building in New York city will soon be converted into luxury apartment units. The property will become the first fully electrical residential building in Manhattan, after it undergoes the transformation. Metro Loft Developers LLC has formed a partnership with Silverstein Properties for the project. Additionally, the developers also landed a $220 million loan to cover the construction costs.
However, it was JLL Capital Markets who arranged the 4 year floating rate loan on behalf of the developers. Banco Inbursa provided the $220 million loan for the 55 Broad Street project. Senior Managing Director Christopher Peck led JLL’s Advisory team, which included Drew Isaacson, and directors Eliott Zeitoune and Alex Staikos.Â
Vista at Silver Oaks community coming to San Antonio, Texas
Number of units for the 55 Broad Street project
The developers intend to convert the 55 Broad Street office into 571 luxury apartments over several phases. The property is less than two blocks away from MTA’s Bowling Green subway station. Therefore, it offers residents access to the Oculus Transportation Hub. This Hub includes services of the 2, 3, 4, R and W lines of the MTA and PATH train.
Upon completion, the 55 Broad Street transformation will feature one, two and three bedroom apartment units. In addition, the property will be furnished with in-built custom kitchens as well as in unit washers and dryers. The interiors of the units will also have Condominium level finishes equipped with stainless steel appliances. While the cabinetry and fixtures in the kitchen will also have Italian Italian designs. Furthermore, 17,000 square feet of amenity space will be available on the property. The amenities will include a rooftop pool, fitness center, coworking facilities and sports simulators.
According to the developers, the 55 Broad Street project will incorporate self-contained heating and cooling systems. Their goal is to transform the property into one of the first fully electric residential buildings in Manhattan. Additionally, the project will include mechanical renovations which bring the building to 100% carbon neutral. This will also allow the developers to create additional amenities and rentable floor area.
