Marketplace: Developer to Turn NYSE-Adjacent Building Into Luxury Apartments
Metro Loft Management has acquired the leasehold interest at 20 Broad St. in lower Manhattan from Vornado Realty Trust for $185 million. Also, Equinox Holdings Inc. will open a new fitness club, its 28th in New York City, at 315 Park Avenue South.
January 19, 2016 at 09:58 PM
5 minute read
Metro Loft Management has acquired the leasehold interest at 20 Broad St. in lower Manhattan from Vornado Realty Trust for $185 million. The 473,000-square-foot office building stands adjacent to the New York Stock Exchange and was mainly occupied by the exchange's offices until the end of last year.
Metro Loft, founded by Nathan Berman, plans to transform the 27-story Financial District tower into a 500-unit luxury apartment building. The deal, equivalent to about $391 per square foot, also includes about 90,000 square feet of retail space that will be made into a multi-level shopping center.
Public records show that 20 Broad Street Owner LLC in care of Metro Loft received a $125 million loan from Deutsche Bank AG New York Branch. In addition, Vanbarton Group has provided preferred equity.
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