Over the past quarter century Nathan Berman has developed a savant-like mastery of a peculiar trade in New York City property development: converting out-of-fashion office buildings into residential towers. Berman, now 63, a child of Holocaust survivors, emigrated with his family from Ukraine when he was 14, and took a meandering path to real estate.… Read more »
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In the lobby of a downtown Manhattan tower, Nathan Berman pauses to admire the marble walls and terrazzo floors. A real estate developer, he has a taste for old-world detail, like the fur lining in his navy overcoat, accented with a polka-dot scarf. It’s rush hour in the heart of Wall Street, and Berman’s at… Read more »
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The three partners planning a 1,300-unit conversion of 25 Water Street closed the $536 million loan that’s been in the works for months. Michael Dell’s MSD Partners and Apollo Commercial Real Estate Finance provided the loan for the acquisition and redevelopment of the Financial District property, Newmark announced Thursday. Read the full story here.
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Rudin Management handed off a Financial District building after nearly 60 years, selling the 30-story office property to a pair of developers. Silverstein Properties and Metro Loft Management teamed up to buy 55 Broad Street for roughly $180 million, the Commercial Observer reported. The landlords have inked a contract, but the closing date remains unclear.… Read more »
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As the Manhattan sales market continues to slow, developers in the area are seeing a growth in the luxury rental space, and are following through by building rental properties that have condo-level amenities and activities that go beyond a wine and cheese hour. Read the full story here.
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Sitting last week in his spacious 11th-floor office at 20 Exchange Place, one of his more recent downtown office-to-residential conversions, Nathan Berman had reason to be happy. Read the full story here.
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The lovely Art Deco skyscraper at 70 Pine Street has had as rough a few years as its former owner. The Financial District tower was acquired by AIG in 1976, then losses in the economic crisis led AIG to its infamous $183 billion dollar bailout. To recoup some of that money, the company had to… Read more »
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JOHN STREET, a narrow sliver that runs just eight blocks from Broadway to the South Street Seaport, has been the site of a large number of the office-to-residential conversions in the financial district. Now, one of its last remaining office towers has been tapped to become a rental building. Read the full story here.
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