Plans to convert the former New York Stock Exchange building at 20 Broad Street into apartments is moving forward after the city’s Department of Buildings gave the developer the all clear last week, Curbed has learned through a tip via BuildZoom.
Metro Loft purchased the lease on the 27-story building from Vornado Realty Trust back in 2015 for $185 million, and announced its intention to convert the office building into apartments.
Plans were eventually filed in April 2016, and about a year later the DOB has now issued permits for construction to get underway. In April last year plans called for a six-story addition to the existing structure and the creation of 521 rentals along with retail on the first and second floors, and three stories below ground.
Metro Loft head Nathan Berman told The Real Deal at the time that the apartments at 20 Broad would come in studios through three-bedroom variants, with studios starting at $2,600 per month, and three-bedrooms starting at $6,500 per month.
The permits issued by DOB on March 31 this year however show a three-story addition to the existing structure and 533 apartments. Curbed has reached out to the developer to clarify.
CetraRuddy is attached to design the conversion, but it’s not yet clear when work will get underway, and subsequently wrap up. Under Metro Loft’s lease agreement, the New York Stock Exchange would have the right to take the building back in 2081.
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