Newmark Group Inc. has arranged the recapitalization and $305 million financing for 55 Broad Street, a newly completed, 571-unit multifamily property in Downtown Manhattan. The transaction involves the acquisition by RXR of a minority interest in the property at a valuation in excess of $500 million, which Silverstein Properties and MetroLoft acquired in 2023 and subsequently converted to residential use.
Co-head of U.S. Capital Markets Adam Spies, Executive Vice Chairman Adam Doneger and Executive Managing Director Avery Silverstein represented Silverstein Properties and MetroLoft in the recapitalization, while Co-Head of Global Debt and Structured Finance Jordan Roeschlaub and Vice Chairman Chris Kramer arranged the loan provided by Wells Fargo for the new joint venture entity.
55 Broad Street is a 35-story, 352,096-square-foot property that underwent a comprehensive office-to-residential conversion completed in 2025. The property features 571 residential units, including 428 market-rate and 143 affordable apartments, as well as approximately 8,340 square feet of ground-floor retail space. Residences feature oversized windows, custom Italian kitchens and modern finishes, complemented by an extensive amenity package including a double-height attended lobby, fitness center, resident lounge, coworking space, sports simulator and rooftop pool and sundeck with views of Downtown Manhattan.
