Work is expected to begin later this month on the office-to-residential conversion of 61 Broadway, a 33-story tower in Manhattan’s Financial District. Designed by CetraRuddy and developed in a joint venture between RXR and One Investment Management, the project will yield 796 rental apartments, with roughly 200 set aside for affordable housing, along with 40,000 square feet of amenities. The 670,000-square-foot building was originally designed by Francis Kimball in 1913 for the Adams Express Company and is bounded by Exchange Ally to the south, Broadway to the east, and Trinity Place to the west.
RXR purchased 61 Broadway from Broad Street Development for $330 million in 2014. After defaulting on a $240 million loan in 2022, RXR turned over ownership of 61 Broadway to its lender, Aareal Bank. A financing package totaling $475 million was later secured for the project, arranged by JLL Capital Markets. This includes $420 million in construction financing from Apollo Global Management affiliates and a $55 million tax equity investment from JPMorgan Chase & Co.
Listed on the National Register of Historic Places, the project will leverage state and federal historic tax credits. The conversion will also utilize New York City’s 467-m program, designating 25 percent of the apartments as affordable housing for households earning 80 percent of the area median income (AMI).
Below is an interior rendering showing a typical living room space with a view looking south at the New York Harbor.
A living room at 61 Broadway. Designed by CetraRuddy.
Amenities will include a rooftop lounge, an outdoor terrace, and storage.
The nearest subways from the property are the R and W trains at the Rector Street station, the 4 and 5 trains at the Wall Street station, and the J and Z trains at the Broad Street station.
The first units are expected to be delivered in the first half of 2028.
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As long as the rents are fair. Many of these buildings built have high rents like $3800 for a small
One bedroom . So they are being built for people making 175,000 a year. Then they claim they would rent for $6500 without the subsidy. What a joke
More great news for reusing historic buildings and adding population to Downtown.
Building a rich area only. The affordable units are gimmick. Keep dreaming for affordability. Not in this area.
The affordability factor in all of the schemes is such a scam.