page_title: Broad Exchange Building
section_title: Residential conversion
hierarchical_section_title: Broad Exchange Building / History / Residential conversion
caption_attribution_description: Broad Exchange Building
context_page_description: The Broad Exchange Building, also known as 25 Broad Street, is a residential building at Exchange Place and Broad Street in the Financial District of Lower Manhattan in New York City. The 20-story building was designed by Clinton & Russell and built between 1900 and 1902 for the Alliance Realty Company as a speculative office building.
  The Broad Exchange Building's articulation consists of three horizontal sections similar to the components of a column, namely a base, shaft, and capital. The lowest three stories of the facade are clad with rusticated granite blocks; the fourteen-story shaft is clad with brick; and the three-story capital is clad with granite and terracotta, topped by a copper cornice. Inside, the building originally contained office space, but as of 2019, has 307 residential units. With 326,500 square feet of rental space in total, the Broad Exchange Building was Manhattan's largest office building upon its completion.
  Due to the Broad Exchange Building's proximity to the New York Stock Exchange Building, many financial firms sought space in the building. The Broad Exchange Building was sold off numerous times in the late 20th and early 21st centuries.
context_section_description: New West placed 25 Broad Street for sale in 1992, and the next year, Arthur Shapolsky signed a contract to buy the building for $5.8 million. Shapolsky wished to convert the building to either apartments or record storage. Abe Hirschfeld and Bruce Menin bought 25 Broad Street in 1994 for $4.975 million, a price that The Wall Street Journal noted at the time as being cheaper than that of some Manhattan townhouses. Menin's firm Crescent Heights then began converting the building into 345 luxury apartments. Costas Kondylis, as well as John Cetra of CetraRuddy, devised a plan to renovate 25 Broad Street, in one of the first major commercial-to-residential conversion projects in Lower Manhattan. The original interior was completely removed for the project. The conversion was originally supposed to be completed in 1996, although a rental office opened in 1997 and the project was ultimately finished the next year. In total, the conversion had cost $100 million.
  Around the same time that the conversion was completed, city officials were considering a plan to purchase and raze the entire block upon which 25 Broad Street was located, erecting a new New York Stock Exchange building on the site. In 1998, Crescent Heights petitioned the New York City Landmarks Preservation Commission (LPC) to designate 25 Broad Street as a landmark to preclude such development. The building was added to the National Register of Historic Places on April 13, 1998, and was designated as a landmark by the LPC on June 27, 2000. About fifty tenants left the building after the September 11 attacks on the nearby World Trade Center in 2001, though these vacancies were quickly filled as part of a grant program to encourage people to live in Lower Manhattan.
  Crescent Heights put 25 Broad Street for sale in 2005, and Swig Equities purchased it for $260 million, planning to convert the building into a rental complex. Swig subsequently indicated plans to de-designate part of the building as a landmark, because it wished to demolish the southern wing above the first floor, transferring the air rights to its new residential skyscraper at 45 Broad Street. The local community board, Manhattan Community Board 1, endorsed the decertification. Under Swig's management, 25 Broad Street became known as the Exchange, and condominium sales launched in early 2007. Lehman Brothers Holdings made a mortgage on the building in 2007, but when Swig fell into default as a result of the 2007–2008 financial crisis, Lehman initiated foreclosure proceedings in January 2009. Lehman Brothers itself filed for bankruptcy in 2008, prompting Swig to close the sales office for the condos at 25 Broad Street. A court-appointed receiver designated LCOR, a subsidiary of the California State Teachers Retirement System, as the new developer for the rental project, and Lehman spent $39.9 million on preparing the building for conversion. In March 2011, Lehman sought permission from the judge overseeing its bankruptcy proceedings to restart work on the conversion, as well as demolish the south wing. The building's leasing office opened the next month. 25 Broad Street was auctioned in 2012 as part of the foreclosure proceeding against Swig, and LCOR made the winning bid of $170 million.
  After receiving approval from the LPC, LCOR spent another $50 million to renovate 25 Broad Street in 2013, demolishing the south wing and restoring the exterior to its early-20th-century appearance. The residential units were largely converted to luxury rentals and were mostly occupied by September 2013. However, the building had previously received a 421-g tax exemption, meant for developers converting Lower Manhattan buildings to residential use, and as such, some of the residential units were rent-stabilized. A judge ruled in 2015 that two rental tenants could stay in their rent-stabilized apartment, since they had not been given proper notice that the exemption for their unit was expiring. Most of the remaining units in 25 Broad Street were converted into condominium units, with sales launching in 2019. Booking.com ra
caption: Seen at ground level
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