Silverstein Properties and Metro Loft Management are looking to cash in on their luxury mixed-use multifamily property in the Financial District of Manhattan.
Dubbed 55 Broad Street, the two landlords are seeking more than $500 million, according to a report from the Commercial Observer.
The partners first acquired the property in 2022 from the Rudin Family, paying $172.5 million. Both Rudin and Ares Real Estate kept equity in the site. At the time of the purchase, it was an office building and once served as Goldman Sachs' headquarters. However, afterward, 55 Broad was converted into 571 apartments, with some affordable units as well. Silverstein and Metro called it "one of the largest" office-to-residential transformations in New York, with the property now taking up 344,000 square feet of space.
Tenants can now choose to rent studios to three-bedroom units. The 30-story building features 25,000 square feet of amenity space, which includes a sports simulator, a pool and a gym. Plus, there is over 8,000 square feet of retail space. The residential occupancy sits at about 76 percent, according to CO.
Newmark is marketing 55 Broad, with brokers Doug Harmon, Adam Doneger, Marcella Fasulo, Avery Silverstein and Adam Spies leading the efforts.
During the first half, a report from Green Street found that New York led the nation with $1.12 billion worth of multifamily sales. However, that number was down 12.2 percent year-over-year. National multifamily sales, meanwhile, reached $11.94 billion, a nine percent boost from the previous year. In the second quarter, NYC median rents increased by 3.7 percent year-over-year to $3,491, according to an analysis from Realtor.
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