25 Broad Street is a 21-story, 308-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.
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.
In 2012 a major U.S. pension fund acquired a majority interest in LCOR and a number of real estate holdings previously owned by our former partner, Lehman Brothers. 25 Broad Street is among the properties now wholly owned by the major U.S. pension fund/LCOR partnership.
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 a steady pace in the subsequent months and it continues to hold its pricing amongst its many submarket competitors in the Financial District.