55 Broad Street Office-to-Residential Conversion

Emery Roth & Sons put up 55 Broad Street in 1967 as an office building, and its setbacks are the reason it converts well. Silverstein Properties and Metro Loft Management bought it from the Rudin family in 2022 for about $180 million and turned roughly 425,000 square feet into 571 market-rate rental apartments, studio through three-bedroom.

Project Scope

The partnership closed and started conversion work in July 2023, financed with a $220 million four-year floating-rate loan from Banco Inbursa. CetraRuddy’s design uses the building’s setbacks to mix efficient units with loft-type layouts and private terraces, which is the practical answer to the deep-floor-plate problem that kills most conversion pro formas. Collaborative Construction Management held the general contract. The building was marketed as the first fully electric office-to-residential conversion in New York targeting LEED certification. Leasing opened in September 2024, move-ins started that November, and the job completed in 2025.

Why It Matters

Downtown Manhattan has been converting offices to apartments since the 1990s, so 55 Broad is not a first in kind. It is a useful data point on cost, because the all-electric decision was made on a building with an existing riser layout designed for a different load, and the team took it anyway. Setbacks did the rest. Any tower being screened for conversion should be screened on its section before its cap rate.

Project Team & Details