RXR Acquires Minority Interest in 55 Broad Street via Recapitalization and $305 Million Financing
Newmark Group, Inc. (NMRK) has successfully arranged a recapitalization and $305 million financing for 55 Broad Street, a newly converted multifamily property in Downtown Manhattan. As part of the transaction, RXR has acquired a minority interest in the asset at a valuation exceeding $500 million. The property was originally acquired by Silverstein Properties and MetroLoft in 2023 and underwent an office-to-residential conversion completed in 2025. The 35-story building features 571 residential units, comprising 428 market-rate and 143 affordable apartments, alongside ground-floor retail space. The financing for the new joint venture was provided by Wells Fargo. This transaction highlights the ongoing trend of office-to-residential conversions in New York City's Financial District as developers seek to capitalize on high-demand multifamily housing.
Topics: multifamily financing office-to-residential conversion real estate advisory recapitalization