RXR Acquires Minority Stake in Silverstein’s 55 Broad Street

There’s some new blood in Downtown Manhattan at Silverstein Properties and MetroLoft’s 55 Broad Street. 

RXR has acquired a minority interest in the property, which is valued at roughly $500 million, as part of a broader recapitalization that also includes a $305 million senior loan from Wells Fargo. Additionally, Macquarie Capital Principal Finance is also participating in the deal as a capital partner. 

Newmark arranged the recap with a team consisting of Adam Spies, Adam Doneger, Avery Silverstein, Marcella Fasulo, Doug Harmon and Joshua King. Newmark’s Jordan Roeschlaub, Christopher Kramer and Aaron Golesorkhi negotiated the debt for the deal, which represents the first office-to-resi conversion sale under the 467-m tax abatement, which encourages such conversions, sources said. 

Silverstein Properties and MetroLoft acquired 55 Broad from Rudin for $180 million in May 2022, CO first reported at the time. The newly completed office-to-residential conversion in Manhattan’s Financial District served as Goldman Sachs’ headquarters until 1983, but has been transformed into a 571-unit mixed-income rental housing property. 

RXR’s investment was made via RXR Cardinal Venture, its venture with the North Carolina Investment Authority that launched in February. 

“55 Broad Street brings together many of the attributes we continue to prioritize across our investment platform: a high-quality residential asset, experienced sponsorship, a supply-constrained market and a bespoke capital structure designed to support long-term value creation,” Russ Young, head of investments at RXR, said in a statement. “This transaction also demonstrates the breadth of the RXR capital solutions platform and our ability to invest creatively across the capital structure.”

An office-to-resi conversion of the 35-story Lower Manhattan building was completed in 2025, and the property recently achieved 95 percent occupancy, according to RXR. Approximately 75 percent of the apartments are market-rate with around 25 percent designated as affordable housing.

The all-electric property has roughly 343,800 square feet of residential space and 8,340 square feet of retail space. Resident amenities include a rooftop pool, a sundeck, a fitness center, a coworking lounge, a sports simulator and entertainment spaces. 

Word hit the street in April that RXR would lead the $500 million recap, with The Real Deal reporting the news. 

Macquarie Capital, Silverstein Properties, Newmark, NCIA and Wells Fargo did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com. Cathy Cunningham can be reached at ccunningham@commercialobserver.com