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.
Silverstein and Nathan Berman’s Metro Loft listed their luxury multifamily building at 55 Broad Street, the Commercial Observer reported. The two firms hope to reel in more than $500 million for the 344,000-square-foot property.
The 30-story property features 571 units — a quarter of which are affordable — and 8,300 square feet of retail space. Amenities include a gym, sports simulator and rooftop pool.
The building is 76 percent occupied, according to an offering memorandum.
A spokesperson for Silverstein said the plan all along was to sell the property shortly after its conversion.
“We’re proud of what we accomplished,” a spokesperson for Metro Loft told The Real Deal, concurring that selling the building was always the plan and that the firm was “optimistic” about the sale process.
A Newmark team including Adam Spies, Doug Harmon and Adam Doneger have the listing.
Silverstein and Metro Loft initially went into contract in 2022 to buy the former Goldman Sachs headquarters from Rudin for $180 million, but the sale was pushed as interest rates rose. The deal ultimately closed the summer of 2023 for $172.5 million, about a 4 percent discount from the initial contract price.
The developers ultimately landed $220 million in financing from Mexico-based Banco Inbursa. Ares Real Estate also has a stake, as does Rudin, which retained a stake after the sale.
CetraRuddy served as the architect on the conversion. The property’s doors first opened for residents last September, according to Multi-Housing News.
As Metro Loft works to sell this conversion, it is getting started on its next conversion at 675 Third Avenue, a 464-unit project in the works with David Werner Real Estate Investments.
— Holden Walter-Warner
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