- RXR and One Investment Management secured over $500M for 61 Broadway’s office-to-residential conversion.
- The 33-story Financial District property will become a 796-unit apartment tower, with 25% affordable housing.
- Construction begins this month, with initial deliveries expected in early 2028.
- RXR continues its strategy with multiple large-scale office conversions in Manhattan.
Investor Momentum Builds
Globe St reports that RXR and One Investment Management secured more than $500M to convert 61 Broadway into housing. The 33-story tower stands in Manhattan’s Financial District and dates to 1913. The plan will transform the historic office building into nearly 800 residential units.
The financing includes a $420M construction loan from Apollo affiliates and a $55M tax equity investment from JPMorgan. In addition, the partnership is pursuing state and federal tax credits to support the redevelopment.
Affordable Housing Commitment
The new design will set aside 25% of approximately 200 units as affordable housing for residents earning up to 80% of area median income. Amenities totaling 40,000 SF are planned, featuring resident storage, rooftop and top-level lounges. This supports ongoing efforts to address Manhattan’s housing needs while activating underused office assets.
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Why Office Conversions Matter
61 Broadway adds to Manhattan’s expanding pipeline of office-to-residential conversions. RXR is transforming 5 Times Square, a 1.1M SF tower, into as many as 1,200 apartments. The firm is also redeveloping the former Pfizer headquarters into housing. The shift comes as several Manhattan office properties have traded at steep discounts, including one recent sale that closed below outstanding debt, underscoring the financial pressure driving owners toward adaptive reuse.
Meanwhile, Newmark reports that developers are converting or planning to convert more than 15.5M SF of New York City office space. This activity underscores a strong push to reposition aging office properties as residential assets.
What’s Next
Construction on 61 Broadway starts this month, with the first residences expected for delivery in the first half of 2028. The project, brokered by JLL, highlights Manhattan’s broader shift toward office conversions as a tool for urban revitalization, combining public incentives with private capital to strengthen the city’s housing stock.
