Goldman Sachs' former Wall Street headquarters is being converted into housing and will soon welcome new residents who will be willing to pay up to $10,000 a month to secure their own corner office in the Financial District.
The skyscraper at 55 Broad Street, which served as the headquarters for Goldman Sachs from 1967 to 1983 before becoming a global financial giant under legendary CEO and trader Gus Levy, began accepting applications on Monday ahead of its November opening. Bloomberg reported.
The 36-story former office building, a stone's throw from the New York Stock Exchange, is being converted by developers Metro Los Angeles and Silverstein Properties into 571 apartments, with rents ranging from $4,000 a month for studios to three-bedroom units expected to fetch $10,000 a month.
The move comes as the financial industry is losing influence over the area as the downtown area slowly begins to recover after the pandemic turned it into a virtual ghost town.
The area now has a Whole Foods on Broadway and a food hall near the Tin Building at South Street Seaport, young families can be found at the indoor playground that was once the New York Sporting Club, and Serafina Restaurant is located in a former men's clothing store.
Like many older office buildings, 55 Broad has struggled to retain tenants and was just 60 percent occupant before a developer bought the building last year for $173 million.
Metro Rost CEO Nathan Berman said the Financial District has evolved into a “24-hour area.”
“What was once a comfort zone is now a destination and a very trusted neighborhood,” Berman told Bloomberg.
According to the developer, each apartment at 55 Broad will feature “10-foot ceilings and oversized windows that will allow for plenty of natural light and stunning city views.”
“The custom Italian kitchen is a chef's dream, featuring integrated appliances, quartz countertops and a matching backsplash that combines style and functionality,” they said.
“The bathroom is equally luxurious, with custom Italian tile and Porcelanosa vanities creating a spa-like relaxing space, plus ample storage space.”
The amenities on offer are sure to please any wealthy New York investor, including a fitness and yoga center, pet washing station, rooftop pool, and barbecue grills.
“I think it's going to be profitable. I hope it's profitable. I'd be disappointed if it wasn't,” Larry Silverstein told Bloomberg.
Meanwhile, Goldman Sachs is currently headquartered at 200 West Street.
Bloomberg reported that Metro and Silverstein are considering a proposal from New York state officials to offer 25% of the units as affordable housing in exchange for tax breaks.
In New York, housing is considered “affordable” if a household spends one-third or less of their income on rent and utilities.
Both City Hall and Albany have sought to encourage the redevelopment of corporate facilities as a way to address the Big Apple's chronic real estate shortage.
