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.
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