New York, NY
PROJECT OVERVIEW:
25 Broad Street is a 21-story, 331-unit rental building located in the heart of Manhattan’s Financial District directly adjacent to the NYSE. A pre-war, federally landmarked building with high ceilings and spectacular architectural details, the property originally served as a bank before it was extensively renovated for a planned condominium conversion in 2005. The recession severely impacted sales and ultimately the property fell into receivership.
LCOR'S ROLE:
In 2010, LCOR was retained by the receiver to navigate a complex series of structural, legal and leasing challenges with the goal of reviving the project, restoring value to the asset, and returning it to market as a luxury rental property. Leasing began in the spring of 2011 after extensive interior renovations to the public areas, a revamped amenities package, and a revised marketing strategy.
VALUE CREATED:
Coming to market in the spring of 2011, LCOR’s hands-on approach and access to long-standing relationships, including leasing and marketing agent Rose Associates, Inc., enabled them to commence leasing quickly while implementing other aspects of the rehabilitation program. Leasing moved at steady pace in the subsequent months and it continues to hold its pricing amongst its many submarket competitors in the Financial District.