New Office Conversion in FiDi to Bring Another Thousand Residents to Lower Manhattan
The office tower at the corner of Broad and Beaver Streets is slated for conversion into 571 apartments.
A mostly empty office building in the Financial District is poised for conversion into an apartment building. In a story first reported by the Wall Street Journal, the 1960s-era commercial building at 55 Broad Street (at the corner of Beaver Street) will be converted into 571 apartments by a partnership between developers Larry Silverstein and Nathan Berman, who have paid previous owner Rudin Management $180 million for the structure.
The new owners plan for the entire structure to house market-rate apartments, with no provisions for any affordable units. The 571 apartments planned for 55 Broad Street appear likely to bring more than 1,150 new residents to the community, based on 2020 census data, which indicates that the typical size of a Lower Manhattan household is now 2.02 persons.
Mr. Silverstein has been a prominent real estate player in Lower Manhattan for decades, best know for acquiring a long-term lease on the World Trade Center complex shortly prior to the terrorist attacks off September 11, 2001, and the leading the rebuilding process there. He is also the developer behind 30 Park Place and the owner of 120 Broadway. Mr. Silverstein also recently acquired the former office tower (converted to residential use in 2013) at 116 John Street, from Mr. Berman.
Mr. Berman has been transforming Lower Manhattan office towers for residential use for decades. Among the local properties he has converted are 63 Wall Street, 67 Wall Street, 20 Exchange Place, 70 Pine Street, 443 Greenwich Street, 180 Water Street, and 20 Broad Street.
The venture by Mr. Silverstein and Mr. Berman may signal a renewed interested by developers in acquiring Downtown office buildings at distressed prices (driven by the remote-work trend inaugurated by the COVID pandemic) and repurposing them as residential buildings. This is a tide that has washed over Lower Manhattan at least twice before—once in the 1990s, and again in the years following the destruction of the World Trace Center. That last wave of conversions was mostly halted by the real estate crisis of 2008, which left multiple buildings (some of them only half-finished) in foreclosure, while other development sites have languished as empty lots for more than a decade. That slowdown was deepened by the economic recession unleashed by the pandemic, starting in 2020.
If a new wave of such conversions proves to be imminent, it will raise serious questions for local leaders and policy makers, who will need to consider whether Lower Manhattan’s civic infrastructure—such as schools, parks, healthcare facilities, and transportation capacity—can accommodate thousands of new residents.
In the meantime, the Department of City Planning, in an analysis of 2020 census data, found that the population residing with Community District 1—a collection of neighborhoods encompassing 1.5 square miles, bounded roughly by Canal, Baxter, and Pearl Streets, and the Brooklyn Bridge—has already jumped from 60,978 in 2010 to 78,390 in 2020, an increase of 28.6 percent. At the same time, the population per acre in Lower Manhattan jumped by 34.8 percent, from 60.4 to 81.4 persons. This means that everybody who lives Downtown gets an average of 535 square feet in which to live, shop, commute, and perform every other function of daily urban existence.
Primary Election Q&A
Lower Manhattan Resident Squares Off Against Staten Island Incumbent in Run to Represent State Assembly District 61
Today, voters go to the polls to decide several important party primary contests. The results of these ballots will determine the Democratic and Republican nominees for Governor, and for the State Assembly seat representing Lower Manhattan. The Assembly race consists of two contenders. Charles Fall, the incumbent, lives in Staten Island and has served in Albany since 2019. His challenger, Justine Cuccia, resides in Battery Park City, where she has been an activist, organizer, and member of Community Board 1 for many years.
In order to provide readers with a basis for comparison, The Broadsheet submitted four questions to Mr. Fall and Ms. Cuccia, with a fifth question symmetrically tailored to the backgrounds of the two candidates.
Join in on the fun featuring easy-to-follow Latin dance choreography while working on your balance, coordination and range of motion. Come prepared for enthusiastic instruction, a little strength training and a lot of fun. Participants are encouraged to bring their own equipment: weights, water bottle, hand towel etc. Proof of vaccination required. Free.
Play the popular strategy game while getting pointers and advice from an expert. Chess improves concentration, problem solving, and strategic planning — plus it’s fun! For ages 5 and up (adults welcome). Free.
Observe and sketch the human figure. Each week a model will strike short and long poses for participants to draw. An artist/educator will offer constructive suggestions and critique. Drawing materials provided, and artists are encouraged to bring their own favorite media.
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I. Call to order
II. Approval of the May 25, 2022 minutes
III. Public comment
IV. M/WBE report
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A. Authorization to Accept the 2022-23 Insurance Program and Authorization to Pay the Related Insurance Premiums.
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Embolden your artwork amidst the flower-filled and seasonally evolving palette of BPC’s verdant gardens. An artist/ educator will provide ideas and instruction. Materials provided, and artists are encouraged to bring their own favorite media.
Available for PT/FT. Wonderful person, who is a great worker.
Worked in BPC.
$2.00 per notarized signature.
Lower Manhattan Greenmarkets
Greenwich Street & Chambers Street
Wednesdays and Saturdays, 8am-3pm (compost program: Saturdays, 8am-1pm)
Bowling Green Greenmarket
Broadway & Whitehall St
Tuesdays and Thursdays, 8am-5pm (compost program: 8am-11am)
World Trade Center Oculus Greenmarket
The Outdoor Fulton Stall Market
91 South Street, between Fulton & John Streets
Indoor market: Monday through Saturday,11:30am-5pm
CSA pick-up: Thursday, 4pm-6pm; Friday, 11:30-5pm
Outdoor market: Saturday 11:30am-5pm, May through Thanksgiving
Today in History: June 28
Born today in 1940 in Bangladesh, Muhammad Yunus pioneered the concepts of microcredit and microfinance, and founded Grameen Bank. He was awarded the Nobel Peace Prize (jointly with Grameen Bank) in 2006 for “efforts through microcredit to create economic and social development from below.” The Norwegian Nobel Committee said, “lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty.”
1098 – Fighters of the First Crusade defeat Kerbogha of Mosull.
1519 – Charles V is elected Emperor of the Holy Roman Empire.
1776 – Thomas Hickey, Continental Army private and bodyguard to General George Washington, is hanged for mutiny and sedition.
1846 – Adolphe Sax patents the saxophone
1914 – Archduke Franz Ferdinand of Austria and his wife Sophie are assassinated in Sarajevo. Their murders lead to World War I.
1919 – The Treaty of Versailles is signed, ending the state of war between Germany and the Allies of World War I.
1926 – Mercedes-Benz is formed by Gottlieb Daimler and Karl Benz.
1969 – Stonewall riots begin, marking the start of the gay rights movement.
1981 – A powerful bomb explodes in Tehran, killing 73 officials of the Islamic Republican Party.
2009 – Professor Stephen Hawking hosts a party for time travelers at the University of Cambridge. He sends invitations after the party.
1491 – Henry VIII of England (d. 1547)
1703 – John Wesley, English cleric and theologian (d. 1791)
1902 – Richard Rodgers, American playwright and composer (d. 1979)
1926 – Mel Brooks (Melvin Kaminsky), American actor, comedian and director
1940 – Muhammad Yunus, Bangladeshi banker (Grameen Bank; microfinance; Nobel Peace Prize 2006)
1946 – Gilda Radner, American actress and comedian (d. 1989)
1971 – Elon Musk, South African-American businessman
1836 – James Madison, American academic and politician, fourth President of the United States (b. 1751)
1975 – Rod Serling, American screenwriter and producer (b. 1924)