Once the largest and most valuable office building in the country, the Broad Exchange Building at 25 Broad Street is gearing up for its next chapter as a 306-unit condominium building. Earlier this spring, the sponsor team led by LCOR filed an offering plan with the AG’s office calling for a $450.56 million sellout and a teaser site has launched telling us sales are approaching. Homes will come in one- and two-bedroom configurations and occupancy is set for early 2019.
Situated at the corner of Broad Street and Exchange Place, the E-shaped building is less than a block from the New York Stock Exchange/Wall Street and close to Battery Park and the waterfront. Under the guidance of CetraRuddy Architects, the 518,000-square-foot building was converted to 348 rental apartments in 2011. Now the design firm, who is also behind the future tallest condo in Fidi, is leading the building’s transition to condos. Building permits on file suggest pre-existing apartments will be enlarged and existing amenity spaces will be upgraded. Find below ten details to know about this significant conversion project.
1. Now known as The Broad Exchange Building, 25 Broad Street was built in 1902. Designed in 1899 by Robert Maynicke, the original plans were revised the following year by architecture firm Clinton & Russell in a Beaux-Arts style. When completed, it was the largest office building with 326,500 square feet of rentable space per floor and the highest estimated real estate value in Manhattan.
2. The building was home to the brokerage firm Paine Webber & Co. for 70 years, until 1979. The building was converted from offices to rental apartments by Crescent Heights in 1997 after years of vacancy. Redevelopment plans screeched to a halt due to the 1987 stock market crash.
3. The building consists of a three-story granite base, a fourteen-story shaft of brick with terra cotta trim and a three-story capital of terra cotta with a copper cornice.
4. In 1997, the building was gutted and renovated into 347 apartments. In June of 2000, the building was granted landmark designation by the Landmarks Preservation Commission.
5. In 2005, the building was purchased for $200 million by Swig Equities who sought permission from the Landmarks Preservation Commission to “decertify” and remove the landmark status. Swig Equities wanted to remove the back wing (referred to as a “long tail”) of the building and transfer that square footage (12 extra stories!) to a building it owned at 45 Broad Street. Had that happened, it would have reduced 25 Broad Street by 36 apartments.
6. Working with the Landmark Council, Hoffman Architects and Cetra/Ruddy designed major alterations to the building in 2000 including adding a 20-story annex was added and replacing the original entrance with stainless steel revolving doors.
7. The elegant, pre-war lobby has original 19th century marble walls, gold leafing, artistic terrazzo floors, sweeping marble staircases, a marble pilastered walls, coffered 18-foot ceilings and a 48 foot-long imported silk and wool rug.
8. The 8,000 square foot amenity program features a full-service 24/7 concierge, a fitness center with separate yoga room and a golf simulator, a residents’ lounge with a TV, pool tables and catering kitchen, a game room with pool table and games simulator, a children’s playroom with computer workstations and a roof terrace with outdoor showers, grills and kitchen.
9. The 21-story building has 347 luxury units ranging from one- and two-bedroom condominium residences with oversized living spaces with open-plan kitchens feature dark hardwood floors throughout, large bedrooms and bathrooms featuring marble finishes, deep soaking tubs, showers, double sinks, and dual-entries for convenient guest access.
10. The current offering plan says the developers are aiming for a $395M sellout. According to CityRealty data, median condo prices in the Financial District are $1.195 million for one-bedrooms and $1.95 million for two-bedrooms.