{"id":1004137651,"date":"2016-02-23T04:34:37","date_gmt":"2016-02-23T12:34:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004137651"},"modified":"2022-03-04T00:36:51","modified_gmt":"2022-03-04T08:36:51","slug":"conversion-in-store-for-nycs-20-broad-st","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/conversion-in-store-for-nycs-20-broad-st\/","title":{"rendered":"Conversion in Store for NYC’s 20 Broad St."},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"20<\/a>

20 Broad St., New York City<\/p><\/div>\n

New York<\/strong>\u2014MetroLoft<\/a>, the development firm controlled by Nathan Berman, has received $125 million in acquisition and pre-development financing and $45 million in preferred equity to convert 20 Broad St., a 29-story office building in New York\u2019s Financial District, to a mixed-use Class A multifamily and retail building.<\/p>\n

JLL<\/a>\u2019s capital markets team helped secure the financing from an investment bank and Alliance Bernstein<\/a>, while the Vanbarton Group<\/a> supplied the preferred equity.<\/p>\n

\u201cWith Manhattan land and property prices on the rise, it\u2019s challenging to identify residential rental projects that make economic sense,\u201d Max Herzog, JLL\u2019s managing director, said in a prepared release. \u201cMetroLoft was able to secure one of the best located properties in the booming financial district to convert it into a profitable, Class A rental property.\u201d<\/p>\n

Once completed, the property will include more than 500 multifamily units and up to five floors of retail space featuring frontage on three streets.<\/p>\n

MetroLoft\u2019s has been busy in the Financial District of late, with office-to-residential projects\u00a0in 17 John St., 20 Exchange Place and 180 Water St.<\/p>\n

According to Herzog, given MetroLoft\u2019s experience converting large downtown office properties to multifamily properties, the lending market\u2019s response to the financing opportunity was extremely positive.<\/p>\n

The 20 Broad St. building is close by numerous restaurants, retail, cultural attractions and transit, and receives a tremendous amount of foot-traffic.<\/p>\n","protected":false},"excerpt":{"rendered":"

MetroLoft is moving forward with the conversion of the office tower at 20 Broad St. into a Class A mixed-use building.<\/p>\n","protected":false},"author":451,"featured_media":1004137652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21783,21752,1600,21742,10,21747,21749],"tags":[],"class_list":["post-1004137651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-investment","category-mixed-use","category-new-york","category-latest","category-northeast","category-office","category-retail"],"acf":[],"yoast_head":"\nConversion in Store for NYC's 20 Broad St. - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/conversion-in-store-for-nycs-20-broad-st\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Conversion in Store for NYC's 20 Broad St.\" \/>\n<meta property=\"og:description\" content=\"MetroLoft is moving forward with the conversion of the office tower at 20 Broad St. into a Class A mixed-use building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/conversion-in-store-for-nycs-20-broad-st\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-23T12:34:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-04T08:36:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/jll3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"386\" \/>\n\t<meta property=\"og:image:height\" content=\"665\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/conversion-in-store-for-nycs-20-broad-st\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/conversion-in-store-for-nycs-20-broad-st\/\",\"name\":\"Conversion in Store for NYC's 20 Broad St. - 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