A downtown office building is poised for a residential makeover.
InterVest Capital Partners, which bought the 48-story tower at 30 Broad Street in the Financial District at a foreclosure auction in June, filed plans to convert the building into 571 rental apartments, Crain’s reported.
InterVest picked up the building after putting up the only bid of $1,000 at the auction. Elliott Ingerman and Bill Brodsky’s Tribeca Associates originally bought the building for $130 million in 2016. The ownership group refinanced its original $96 million debt to $124.6 million in 2019.
InterVest bought the loan in February 2024 and filed a $126 million pre-foreclosure action against the Tribeca Investment Group affiliate several months later.
Rose Associates, a real estate and management firm that specializes in luxury multifamily rentals, will help facilitate the conversion as a developer on the project, a spokesperson for Rose told Crain’s.
The conversion will add an additional floor and include two ground-floor retail units. The building will have a fitness center, a yoga room, a lounge and a roof deck.
In 2023, the nonprofit family activity center CompletePlayground signed a 15-year, 40,000-square-foot lease for an indoor playground at the building, replacing a New York Sports Club.
In the same month, Tribeca entered into a forbearance agreement at the property after failing “to make any of the required payments,” leading to a default, according to the foreclosure complaint.
The building is also on a ground lease owned by Solil Management that runs until 2079. The annual rent was $2.7 million in 2016, but is scheduled to reset to 4.5 percent of the property’s market value in 2035.
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