61 Broadway Office-to-Residential Conversion

Francis H. Kimball finished the Adams Express Building in 1914. In 2028 it will hold 796 apartments.

RXR Realty, in a joint venture with OneIM, closed a $420 million construction loan from Apollo Global Management affiliates in early 2026 on a capital stack of roughly $475 million, plus a $55 million tax-equity investment. It is the largest office-to-residential conversion currently financed in Lower Manhattan. Construction began in March 2026 with first deliveries targeted in the first half of 2028.

Project Scope

Thirty-three floors of 1914 office space become studios through multi-bedroom apartments. About 200 of the 796 units are income-restricted at 80% of area median income, which is what unlocks New York’s 467-m tax exemption and, with it, the tax equity that makes the arithmetic work.

Amenity floors land mid-building rather than at the base, with a rooftop lounge and terrace over New York Harbor. The building’s floorplate is the reason it converts at all: Kimball designed for daylight and natural ventilation in an era before either was optional, which leaves a plan that can be cut into apartments with real windows instead of interior bedrooms.

Why It Matters

61 Broadway was a distressed office asset. RXR restructured it before recapitalizing it, and the conversion is the exit. That sequence, distress to restructuring to residential, is now the standard path for pre-war Class B office in Lower Manhattan, and this is the biggest single test of it.

The affordable component is the mechanism, not a garnish. Without 467-m and the tax equity it attracts, a 796-unit conversion at this basis does not close. Anyone modeling a Manhattan conversion is really modeling a tax program, and 61 Broadway is the largest data point yet on whether the program produces buildings or just proposals.

Project Team & Details