Designed by Emery Roth & Sons, 55 Broad Street opened in 1967 and served as the headquarters for Goldman Sachs until 1983. CetraRuddy has been tapped to oversee the conversion.
“We took advantage of 55 Broad’s unique form with setbacks that enabled us to design a variety of apartment sizes and types ranging from efficient units to loftlike layouts with generous terraces,” says John Cetra, CetraRuddy’s founding principal. When completed, the building will include layouts ranging from studios to three-bedroom apartments, as well as a private club, coworking space, and 45-foot-long rooftop pool.
In recent years, supply-chain issues, construction shortages, and the rise of remote work have seen adaptive reuse projects like 55 Broadway outpacing new apartment construction. Office-to-apartment conversions hit a record high during the pandemic, according to data analysis firm Yardi Matrix, with 11,090 apartments delivered in 2020 and 2021—a 43% uptick compared to the previous two-year time period.
The Treadwell takes a lap on the Upper East Side
Dart Interest and Zeckendorf Development have unveiled new renderings of the Treadwell, a 28-story residential tower going up at 249 East 62nd Street between Second and Third Avenues in Manhattan. Designed by INC Architecture & Design, the Art Deco–inspired building is expected to be completed near the end of 2023 and will include 66 units, from studio to three-bedroom layouts, with prices ranging from from $1.1 to $4.5 million.
Each floor will house two to four residences, according to New York YIMBY, with upper units offering glass-enclosed balconies and floor-to-ceiling windows to maximize views of Midtown and the East River.
The Treadwell family owned the land between East 61st and East 62nd in the early 1800s, and the Treadwell Farm Historic District is one of New York’s oldest. Most of the buildings on the block are four-story row houses built between 1868 and 1875.
Foreign real estate investments take a hit
Foreign investment in US real estate has dropped to its lowest level in over a decade, according to a new report from the National Association of Realtors that points to lower housing inventory and higher borrowing costs over the past two years.
Between April 2022 and March 2023, international buyers bought 84,600 homes across the US—a decline of 14.2% from the 12 months prior and the lowest rate since NAR began tracking such data in 2009. In that time frame, foreign buyers spent a total of $53.3 billion on US residences, a drop of almost 10% from the prior year.
But there’s hope on the horizon, according to NAR chief economist Lawrence Yun. “Recovering international travel following the end of the pandemic will bring more foreign transactions in coming months and years,” Yun said in a press release.
For the 10th year in a row, Chinese buyers topped the list, representing 13% of all foreign investors, followed by those from Mexico (11%) and Canada (10%). Florida was far and away the most popular destination, representing nearly a quarter of all international sales. California and Texas (with 12% each) tied for second, and Arizona, Illinois, and North Carolina landed in third (with 4% each). According to NAR, half of foreign buyers are using their properties as an investment or vacation home.