There’s been plenty of chatter around office-to-residential conversions in New York, but also questions about who is actually pulling it off. The Real Deal crunched the data to find all the properties scheduled for such overhauls. TRD‘s analysis of alteration permits filed between 2022-2023 revealed the five biggest office-to-residential projects. Here’s a look. Read the… Read more »
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Silverstein Properties and Metro Loft Management finally closed on their acquisition of 55 Broad Street from the Rudin family as the developers embark on one of the largest office-to-residential conversions in New York City history. Read the full story here.
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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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Nathan Berman’s Metro Loft rental conversion company has closed on the purchase of the long-term leasehold of the former New York Stock Exchange offices at 20 Broad Street. The price was $185 million. Deutsche Bank is the lender while the Vanbarton Group has provided preferred equity. Read the full story here.
READ MOREMetro Loft Management’s book bindery-turned-condos at 443 Greenwich Street in Tribeca will be crowned with a $53 million penthouse. 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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