Another office property in New York is seeking to ride the wave of office-to-residential conversion.
80 Broad St. in the Financial District filed a plan with the New York City Department of Buildings to convert the office property into a 326-unit residential building with amenities spaces for residents; restaurants and a doctor’s office on the ground floor; and a gym in the cellar space.
The 36-story, 423,403-square-foot building, built in 1931 and between Stone and Beaver streets, is owned by Broad Street Development and investment management giant Invesco, according to CoStar data. CoStar News reached out to the owners separately for comment but didn’t immediately hear back.
The planned conversion comes as Manhattan’s office leasing last year reached its highest volume since at least 2019, driven by demand for top-tier office stock even as industry professionals say some lower-tier office space has become obsolete. This comes as New York contends with a housing shortage, with average market asking rents reaching record highs.
Office-to-residential conversions through August in New York reached 4.1 million square feet, already more than the 3.3 million square feet tallied in 2024, which itself doubled the total of 1.6 million square feet in 2023, according to a Cushman & Wakefield study released in September. Additional projects totaling 8.8 million square feet were already proposed at the time for post-2025, “underscoring the durability of this trend,” the study found.
Near 80 Broad, a slew of office-to-residential conversions were completed or were underway. For instance, the 1.11 million-plus-square-foot 25 Water St. was converted into a residential building housing 1,320 units.
PincusCo earlier reported the 80 Broad conversion plan.