One of New York’s largest office-to-residential conversions kicks off soon

One of New York City’s largest office-to-residential conversions will soon be underway in lower Manhattan. 55 Broad Street, which served as the headquarters for Goldman Sachs from 1967 until 1983, will be reborn as a residence with 571 market rate apartments. The 30-story building will offer a wealth of amenities including a private club, wellness and fitness activities, an elegant coworking space, multiple social areas, a 45-foot-long rooftop pool, landscaped sundeck, and grill area.

“This conversion represents yet another important milestone in Downtown’s ongoing transformation into a model 24/7 community,” says Michael Rudin, executive vice president of real estate development firm Rudin, the original owner of the property and partner in the conversion project.

“We took advantage of 55 Broad’s unique form with setbacks which enabled us to design a variety of apartment sizes and types ranging from efficient units to loft-like layouts with generous terraces,” said John Cetra, FAIA, founding principal, CetraRuddy Architecture, the project’s design architect. “In converting the building from commercial to residential use, we recaptured floor area that was then used to add additional square footage at the top of the building, which added value to the investment.”

55 Broad Street, which served as the headquarters for Goldman Sachs from 1967 until 1983, will be reborn as a residence with 571 market rate apartments. — Rendering: CetraRuddy

Construction is expected to begin in September, and will be completed over a two-year period. Layouts will range from studios to three-bedroom apartments. The building will be converted to all-electric, “using sustainable and recycled materials and environmental systems” and is expected to achieve LEED certification. Post conversion, the building is projected to use 22% less energy than the existing office building.

“We are excited to continue our work enhancing the neighborhood with this sustainable adaptive re-use project,” says David Marks, head of acquisitions for developer Silverstein Properties. “There is no better time to repurpose older office products into modern residential uses.”

On the project team:

Owner and/or developer: Silverstein Properties and Metro Loft Management (Developers)

Design architect: CetraRuddy

Architect of record: CetraRuddy

MEP engineer: FMC Engineering, P.C.

Structural engineer: GACE Consulting Engineers DPC

Construction Manager: Collaborative Construction Management

The City of Pittsburgh’s redevelopment agency is accepting applications for funding from developers on projects to convert office buildings into affordable housing. The city’s goals are to improve downtown vitality, make better use of underutilized and vacant commercial office space, and alleviate a housing shortage.

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