NEW YORK CITY-A lot of developers are stealing the mindset of the film, “Field of Dreams,” as yet another deal to convert Lower Manhattan office into residential use is announced. The 800,000-sf 20 Exchange Pl. was traded for $152 million to a joint venture comprised of Nathan Berman, Yaron Bruckner and Eastbridge NV. The bottom of tower will continue to be used for office space, while floors 16 through 57 will be converted to residential.

The law firm of Herrick, Feinstein LLP put the deal together with senior debt financing provided by Column Financial Inc., which is a division of CS First Boston. Senior mezzanine financing was provided by an affiliate of SL Green and junior mezzanine financing was provided by Prudential Real Estate Investors. “The Herrick team closed one of the most complicated financing deals that I’ve seen in my 36 years in the business,” notes Andy Singer, of Singer & Bassuk, which brokered the financing. Tenants at 57-story 20 Exchange Pl., which is located in the heart of the financial district, include the New York Transit Authority.

Berman and Bruckner closed another downtown deal this week–an enhancement to the Liberty Bond financing of 63 Wall St. Last December, the project received tax-exempt Liberty Bond financing from the New York City Housing Development Corp. for the residential conversion initiative.The JV is converting the former headquarters of Brown Brothers Harriman, to a 475-unit residential building. To further enhance the Liberty Bond financing, Herrick conceived of an facility where the World-Wide Group, which is also one of the firm’s developer clients, teamed up with Bank of America’s Tri-Sale Mezzanine Fund to provide a letter of credit secured by a pledge of membership interests.

“There’s little more satisfying than putting clients together to create a new line of business. This is as good as it gets,” points out Carl F. Schwartz, chairman of the real estate department at Herrick, Feinstein. For it’s part, the World-Wide Group notes that creating supplemental products contributes to the rebirth of the financial district, accoring to the company’s Julia Hodgson.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.