The Real Deal New York

Office-to-resi king Nathan Berman files 20 Broad plans

The former NYSE building will become 33-story tower with 521 luxury rentals

April 15, 2016 05:08PM
By Dusica Sue Malesevic

20-Broad_rendering-berman

20 Broad Street as it now, rendering of the conversion (Credit: CetraRuddy) and Nathan Berman

Metro Loft chief Nathan Berman filed plans Friday for his residential conversion of the former New York Stock Exchange office building at 20 Broad Street, which will feature 521 luxury rental apartments as well as 90,000 square feet of retail space spread across five levels of the property.

Berman told The Real Deal he plans to spend $100 million gut renovating the building, with studio apartments to start at $2,600 and three-bedroom units starting at $6,500.

Around 200 of the units will be studio apartments, and the rest will be one-to-three bedroom units, Berman said.

Permit filings show an additional six stories will be built atop of the current, 443,260-square-foot, 27-story Financial District building, which Metro Loft acquired the leasehold to from Vornado Realty Trust in December for $185 million. Under the terms of the deal, the New York Stock Exchange has the right to take back the building in 2081.

Amenities at the tower will include a rooftop terrace, lounge, exercise room, and pool on the 33rd floor, filings show. Construction is expected to start in the fourth quarter of this year. Berman said he hoped to have the first tenants in by the fourth quarter of 2017.

The retail space will span the ground floor, second floor and three levels below grade, Berman said.

Project architect CetraRuddy Architecture was not immediately available for comment.

Metro Loft is also behind the residential conversion of the 53-unit, seven-story condominium building at 443 Greenwich Street, which has a penthouse listed for $52 million.

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