The historic Broad Exchange Building, located at 25 Broad Street, has seen more than a few ups and downs in the real estate world, but now, six years after a failed condo conversion, the building has finally found success as a luxury rental. LCOR, Inc. purchased the landmark building, constructed in 1902 by Clinton & Russell (same dudes who did the Apthorp and Langham apartments, among many others), last year for $170 million, and resurrected the conversion plans that crumbled with the collapse of Lehman Brothers in 2008. The Journal reports that almost all 308 units are occupied. But the real comeback story is in the building's appearance. Extensive renovations have restored the building to it's original grandeur. Hoffmann Architects, the firm that worked on the exterior, told the Journal, "It's almost like we never touched the building."
Some architectural elements of 25 Broad, like the Doric columns, were inspired by the nearby New York Stock Exchange, but it was considered "a more regal place of business." It was designated 25 Broad a landmark in 2000, serious alterations had been made to the building in years prior. A 20-story annex was added, and the entrance was replaced by stainless steel revolving doors. Hoffman Architects and Cetra/Ruddy worked with the Landmarks Preservation Commission on plans that have restored nearly all of the original details.
The annex was dismantled (that explains this), facade ornamentation was restored, the stainless steel doors were removed, and the cast-iron columns were re-cast and re-installed. Even elements that can't be seen from the street, namely a rooftop pediment, were recreated. The scaffolding is slated to come down next month, and we'll be anxiously awaiting the reveal. Photos of the building are always welcome on the tipline.
· New Chapter Readied for 25 Broad Building [WSJ]
· All 25 Broad coverage [Curbed]
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