Silverstein, Metro Loft selling 55 Broad after conversion
The so-called Conversion King of New York and Silverstein Properties are looking to offload an office-to-resi development they acquired barely two years ago.
The real estate industry is abuzz with news that Silverstein Properties, led by the so-called "Conversion King of New York" Nathan Berman's Metro Loft, is looking to sell their luxury multifamily building at 55 Broad Street in the Financial District. The 30-story property, which was converted from an office building to residential units, features 571 units, a quarter of which are designated as affordable housing. The building also boasts 8,300 square feet of retail space and amenities such as a gym, sports simulator, and rooftop pool.
The property was acquired by Silverstein and Metro Loft less than two years ago, but they are now hoping to cash in on the hot rental market in New York City. According to an offering memorandum, the firms are aiming to fetch more than $500 million for the 344,000-square-foot property, which is currently 76 percent occupied.
In a statement, a spokesperson for Silverstein and Metro Loft said, "We are constantly evaluating our portfolio and looking for opportunities to maximize value for our investors. We believe that now is the right time to sell 55 Broad Street and capitalize on the strong demand for rental properties in New York City."
This move comes as no surprise to industry insiders, who are well aware of Silverstein's reputation for being a savvy dealmaker. In fact, Silverstein has been dubbed the "Conversion King of New York" for his track record of converting office buildings into luxury residential properties, with the goal of cashing in on the city's booming rental market.
The sale of 55 Broad Street is expected to attract a lot of attention from developers and investors, eager to get a piece of the