CSC Eyes Potential Conversion Play in Lower Manhattan

21 October 2025

Firm acquires assemblage from A.M. Property for $45M

The firm acquired an assemblage from A.M. Property Holding at 75 Maiden Lane and 13 Gold Street for $45.2 million.

Another office-to-residential conversion in Lower Manhattan? CSC Real Estate appears to be considering the possibility.

The developer bought a 178,000-square-foot assemblage at 75 Maiden Lane and 13 Gold Street from A.M. Property Holding for $45.2 million, the Commercial Observer reported. The acquisition breaks down to $254 per square foot.

The bulk of the purchase was the property on Maiden Lane, which cost $40.2 million to buy; A.M. Property refinanced the building with a $46.5 million loan in 2015. The property at 13 Gold Street was a $5 million add-on for CSC.

Genesis Credit provided $28.9 million of acquisition and pre-development financing for the assets.

A spokesperson for CSC didn’t reveal any plans for the assemblage, but raised the possibility of either keeping the office space or converting it to multifamily use. Basis Investment Group previously had its headquarters at 75 Maiden Lane, but relocated elsewhere on the street two years ago.

A Colliers team including Zach Redding, Dylan Kane and Jared King arranged both the sale and financing.

CSC is already tackling a more prominent conversion project in Midtown East, where it picked up the site at 300 East 42nd Street from David Werner for $52 million in the spring, the same price Werner paid for the property’s office floors in a trade with Fortress Investment Group months earlier.

CSC plans to convert that property into 135 rental units, according to earlier reporting by the Commercial Observer. The developer will tap the 467m program for the redevelopment while allowing the in-place office tenants to remain.

CSC is also working on a hotel-to-apartment conversion of the Hudson Hotel at 353 West 57th Street. After narrowly avoiding foreclosure in April, lender Parkview Financial sued the developer over the summer, alleging co-founders Alberto and Salomon Smeke Saba failed to address issues with the city that would allow work on the site to move forward.

Parkview lent $207 million for the purchase and redevelopment of the hotel. — Holden Walter-Warner