Broad Street Development Secures $250 Million Recapitalization, $175 Million Financing for 80 Broad Street Conversion

Broad Street Development has secured $250 million recapitalization and $175 million in financing for the conversion of the Maritime Exchange Building at 80 Broad Street into 326 rental units. The project represents one of the largest office-to-residential conversions in Downtown Manhattan, and the joint venture will utilize New York City's 467-m office-to-residential tax incentive program. Newmark advised Broad Street Development, PCCP, and OneIM, while Derby Lane Partners provided the financing.