Broad Street Development Secures $425 Million Capital Stack for 80 Broad Street Office-to-Residential Conversion

New updates have been reported about Broad Street Development.

Broad Street Development has completed a $250 million recapitalization and arranged a $175 million construction loan to convert the historic Maritime Exchange Building at 80 Broad Street in Lower Manhattan from offices into 326 rental apartments under New York City’s 467-m tax incentive program. The deal, executed with partners PCCP and One Investment Management and advised on capital markets by Newmark, locks in a full capital stack for the 400,000-square-foot project and formally launches one of Downtown Manhattan’s largest office-to-residential conversions.

The financing, provided by Derby Lane Partners and structured by Newmark’s debt team, signals institutional confidence in Broad Street Development’s ability to execute complex adaptive reuse projects and in the long-term demand for residential product in the Financial District. Broad Street Development, which has owned 80 Broad Street since 2014 and spent the past two years advancing planning and entitlements, expects construction to start immediately, with Rawlings Architects and Korban Studio leading design to preserve the building’s historic character while delivering modern rental product.

Co-principals Raymond Chalmé and Daniel Blanco position this initiative as both a value-creation opportunity and a bet on the Financial District’s continued transition into a high-growth residential neighborhood driven by office conversions, new retail, and strong transit access. By leveraging the 467-m program—one of the most significant office-to-residential tax exemptions currently available in New York City—Broad Street Development enhances project economics, reduces operating cost pressure, and demonstrates expertise in navigating public-private financing structures. The firm is concurrently converting 139 Franklin Street in Tribeca to luxury condominiums and has previously delivered boutique condo projects at 40 Bleecker and 215 Sullivan, signaling a broader strategic focus on repositioning legacy commercial assets into higher-yield residential properties across key Manhattan submarkets.

For executives and investors, the 80 Broad Street transaction underscores Broad Street Development’s shift toward large-scale conversions that capitalize on structural office oversupply, strong rental fundamentals, and supportive policy tools such as 467-m. The project is expected to set a new benchmark for luxury rentals in a prewar Art Deco tower, with high ceiling heights, efficient floor plates, and differentiated amenities designed to appeal to Downtown Manhattan renters seeking a live-work-play environment. While financial terms beyond the headline capital commitments are undisclosed, the size and structure of the recapitalization and construction financing suggest a long-duration business plan focused on stabilizing a prime residential asset in a supply-constrained, transit-rich submarket, potentially enhancing Broad Street Development’s portfolio value and reinforcing its brand as a specialist in complex, high-end adaptive reuse.