NEW YORK CITY-Construction is nearly complete on the redevelopment of the historic Broad Exchange Building at 25 Broad St. here.
LCOR Inc. purchased the circa 1902 building last year for $170 million and has since spent another $50 million in a condominium conversion project at the property that was occupied by Paine Webber & Co. until 1979. The building fell on hard times since then with redevelopment plans and specifically condominium conversions failing due to the 1987 stock market crash and later the collapse of Lehman Brothers in 2008, according to the Wall Street Journal.
"What happened to the building parallels what happened to downtown after the last real-estate crash," says David Sigman, a principal in LCOR. "The attraction for us was getting in while there was still such huge public investment going on down here." He noted the city's 421-g tax-abatement program for downtown conversions fueled his firms' conversion plans. At present, the 308 rental units at the 20-story property are near full occupancy. See story in the Wall Street Journal.
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