Broad Street Development (BSD) is moving forward with its office-to-residential conversion project in Downtown Manhattan, securing a $175 million recapitalization. The move, done in collaboration with One Investment Management and PCCP, supports the construction phase of the redevelopment.
Derby Lane Partners provided the financing, with Newmark securing it.
BSD, which has owned the planned conversion site 80 Broad Street since 2014, has spent the last two years working on advancing and mapping out the transformation. The 432,403 square foot property, also known as the Maritime Exchange Building, has served as an art deco building in the Financial District.
Now, the plans call for the site to provide 326 rental units, benefiting from New York City's tax exemption, the 467-m program.
"This recapitalization marks a major milestone and the formal launch of a residential redevelopment that will transform a historic Downtown office tower into a modern residential community," Raymond Chalmé, CEO and principal of BSD, said in a statement.
"We believed in the potential of this amazing property and the neighborhood. The Maritime Building boasts extraordinary ceiling heights and floor layouts in a Lower Manhattan location that is second to none. We are excited to work closely with such amazing partners as PCCP and OneIM, who share our passion and vision for this project."
BSD said that the Financial District has turned into one of the fastest-growing neighborhoods in Manhattan, thanks to office conversions, new dining and retail, as well as the access given to its public open space and waterfront.
In fact, BSD is working on another conversion project in Lower Manhattan, at 139 Franklin Street in Tribeca. There, it plans to turn the loft building into luxury condominiums. Additionally, BSD said that it has "several more projects on the horizon" — but did not release specifics.
In Manhattan, 2025 was a record year for office-to-residential conversions, according to a report from Cushman & Wakefield. Yet, that's nothing of what's expected to come in 2026, with now 9.8 million square feet planned for conversion, nearly double the amount seen last year. Most of the projects are concentrated in Midtown (51.6 percent), followed by Downtown (38.7 percent).
It's unclear when BSD will start construction on the redevelopment of 80 Broad Street. Rawlings Architects is designing the project.
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