Broad Street Development Recaps 80 Broad FiDi Conversion

Broad Street Development has recapitalized its Financial District conversion project at 80 Broad Street for approximately $250 million. Derby Lane Partners provided $175 million in construction debt, and PCCP and One Investment Management joined the broader recapitalization.

BSD filed plans in January for a 326-unit conversion of the 423,000-square-foot office building into a 336,000-square-foot residential property with additional amenities space. The plan includes a basement fitness studio, a first-floor restaurant and doctor’s office, and co-working, bike storage, and a pool on the seventh floor.

The developers plan to use the 467m office-to-residential tax incentive program, requiring at least 25% of units to be rented at affordable rates.