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TPG and GFP’s Jeff Gural plan office-to-resi conversion in FiDi tower
Developers submit plans for 756k sf project at 222 Broadway
![GFP, TPG Office-to-Resi Conversion Plans at 222 Broadway](https://static.therealdeal.com/wp-content/uploads/2024/08/NY-TPG-and-GFPs-Jeff-Gural-plan-44M-office-to-resi-conversion-in-FiDi-tower-MAIN-1400x875.jpg)
GFP Real Estate’s Jeff Gural, 222 Broadway and TPG’s Jon Winkelried(GFP Real Estate, Getty, TPG Real Estate, 222 Broadway)
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
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