Broad Street Development Secures $250 Million Recapitalization and $175 Million in Financing for Office-to-Resi Conversion of Maritime Exchange Building at 80 Broad Street
Deal Arranged by Newmark with Financing Provided by Derby Lane Clears Path for Adaptive Conversion of Historic Lower Manhattan Tower; Will Yield 326 Rental Units Under the City's 467-m Program NEW YORK , March 31, 2026 /PRNewswire/ -- Raymond Chalmé and Daniel Blanco's Broad Street Development (BSD), in partnership with PCCP and One Investment Management (OneIM), announced they have completed the successful $250 million recapitalization and secured a $175 million construction loan that clears the path for the adaptive conversion of the Maritime Building at 80 Broad Street. The joint venture will convert the 400,000-square-foot office tower into 326 rental apartments, utilizing New York City's 467-m office -to-residential tax incentive program. Newmark's Co-Head, U.S. Capital Markets Adam Spies and Executive Vice Chairman Adam Doneger advised Broad Street Development, PCCP, and OneIM. Newmark's Co-President, Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Nick Scribani, Director Holden Witkoff and Associate Niv Shahmoon secured the financing through Derby Lane Partners, an alternative asset manager focused on capital solutions within real estate credit. The project represents one of the most significant office-to-residential conversions currently underway in Downtown Manhattan and underscores Broad Street Development's reputation as a leader in complex repositioning and transformative adaptive reuse projects across New York City. BSD has owned the Maritime Exchange Building since 2014 and has spent the better part of the last two years meticulously planning and advancing the conversion, assembling a best-in-class team of capital partners, lenders, and design professionals to bring the vision to life. "This recapitalization marks a major ... Full story available on Benzinga.com
