Real estate investment and development firm LCOR has announced the declaration of effectiveness for its condominium conversion at the historic Broad Exchange Building in Manhattan’s Financial District.
The Broad Exchange Building is located at 25 Broad Street and includes 168 one-bedroom units, 135 two-bedrooms and four penthouses. LCOR obtained signed contracts for more than 15 percent of The Broad Exchange Building’s units, which have prices ranging from under $1 million to $5.3 million.
“We are delighted to officially count The Broad Exchange Building as the Financial District’s most recent residential condominium,” said David Sigman, executive vice president and principal at LCOR.
“Stunning architecture, high ceilings, ample amenity spaces, a prime location and an amazing price point contributed to the robust sales that took us past the 15 percent target. In light of the recent pandemic and its profound economic impact over the last few months, The Marketing Directors did a stellar job showing homes and signing contracts—all virtually—at the property.”
Recent changes to rent regulation laws have had a profound impact on rental-to-condo conversions, requiring 51 percent of homes in any rental building be purchased by existing residents in order for the condo plan to be declared effective. (Per the old regulation, under which The Broad Exchange is operating, 15 percent of the total homes in the building had to be sold to anyone who intended to occupy the apartment as their primary residence.)
This new requirement has led to a decrease in condo conversion projects, placing The Broad Exchange Building at the forefront as one of the last of its kind.
With 55 apartments in contract of the roughly 100 units that have been converted so far, The Broad Exchange Building has successfully achieved its milestone ahead of schedule, amid a pandemic, and accounts for nearly 35 percent of all condo sales in Manhattan’s Financial District in 2020, with 12 sales having occurred since the onset of COVID-19 in March.
The Broad Exchange Building features keyless building entry, with homes boasting 9.5- to 13-foot-high ceilings, solid wide-plank wood floors and generous closet space.
The 8,000 square feet of new and upgraded amenity spaces include resident lounge, game room, children’s playroom, communal rooftop with barbeque facilities, children’s outdoor play terrace, fitness center, yoga room, sports simulator room and dog grooming facility. Sales launched in April 2019.
The Broad Exchange Building was designed in 1900 by Clinton & Russell, a renowned late-1890s architecture firm, and was once the largest office building in Manhattan, serving as the headquarters to investment bank and stock brokerage firm Paine Webber for 70 years. Designated as a landmark in 2000 and a notable example of early 20th century New York skyscraper building design, The Broad Exchange Building is a significant historical and architectural contribution to Lower Manhattan.