Priced out? Why not sleep in an old Goldman Sachs office — for $4,000 a month
Four years after the COVID-19 pandemic first shuttered offices and emptied the streets of lower Manhattan, the financial district is bustling — but with fewer businesspeople and more families.
The former headquarters of Goldman Sachs (GS), at 55 Broad Street, is being converted into luxury apartments complete with custom Italian kitchens, 10-foot ceilings, and waterfront views. While the project is not expected to be completed until mid-2025, the leasing office is already open, and the first tenants are expected to move in, in November.
“Meticulously crafted studio to three-bedroom residences represent the best of downtown living,” the building’s StreetEasy listing reads. “Discover a life of unmatched elegance and convenience with over 25,000 square feet of amenities including a resort-style sundeck with an outdoor pool overlooking the harbor and skyline.”
This is the latest example of the financial district’s transformation into a residential neighborhood. Half a century ago, there were fewer than a thousand residents living south of Chambers Street and the Brooklyn Bridge. By 2020, the number had grown to 60,806, and the neighborhood continues to become more residential.
After the pandemic, a Whole Foods (AMZN) opened in the basement of 1 Wall Street, while Macklowe Properties converted the upper floors into a 566-unit condominium. 55 Broad Street is expected to be an even larger development — if all goes according to plan, there will be 571 apartments.
The financial district “used to be the consolation prize, now it’s a destination for people and a very reliable neighborhood,” Nathan Berman, CEO of Metro Loft Development, one of the project’s developers, told Bloomberg.
Metro Loft and Silverstein Properties began the process of converting the onetime Goldman Sachs headquarters into living spaces last year, after the 60-year-old building became one of many commercial office spaces that emptied in the wake of remote work becoming mainstream.
55 Broad Street’s unique structure — reminiscent of a tiered Aztec pyramid — makes it a particularly effective commercial building to convert to a residential property.
“It has a large base, but then over the base the building comes in and rises, so the tower over the base is perfect for residential use,” Larry Silverstein told Bloomberg. “Every apartment is going to have windows, windows, windows.”
A studio apartment will go for $4,000 a month, while three-bedroom units are expected to cost $10,000. The building’s developers are considering making 25% of the units affordable housing to take advantage of proposed tax abatements, Bloomberg reported.
