TPG and GFP’s Jeff Gural plan office-to-resi conversion in FiDi tower 

FiDi is getting another massive residential conversion. 

Earlier this year, TPG Real Estate purchased 222 Broadway for $150 million with GFP’s Jeff Gural. At the time, The Real Deal eyed the deal as an office-to-resi conversion, but could not confirm. 

Now, GFP Real Estate and TPG Real Estate have submitted plans for a major office-to-residential conversion at the site, Commercial Observer reported. 

The project is set to turn the 31-story building with 756,138 square-feet into 798 apartments.

TPG has invested $1.2 billion in real estate in the second quarter of 2024 alone. One of those investments was 222 Broadway. Another was a 15-story office building at 101 Franklin Street in Tribeca, which the developer bought from Columbia Property Trust for $96.5 million in June. 

Both properties were purchased at considerable discounts. The Broadway site was purchased for less than a third of the $500 million Deutsche Bank paid for it in 2014. 

At Franklin Street, Columbia Property Trust was looking to sell the office building for around $115 million, roughly 40 percent less than the $205.5 million Columbia paid to buy the building four years earlier. TPG bought it for even less. 

 — Christina Previte

Read more

Commercial

New York

Vanbarton unloads FiDi building seized from failed crowdfunder

Residential

New York

FiDi resi tower 20 Exchange Place sells for $370M

Commercial

New York

Office valuations slashed in Midtown and FiDi: NYC’s top loans report