News
REVAMPING A LUXURIOUS CLASSIC
September 19, 2011
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| If buildings could tell stories, the nearly 110-year-old 25 Broad would have plenty. When the Clinton & Russell-designed property was completed in 1902—then known as Broad Exchange Building—it was the US's largest (at 400k SF) and most valuable office building (above is its landmarked lobby). In 1997, Crescent Heights purchased the building to convert it to rentals, then sold it to Swig Equities in 2005, which converted it to condos. The condos never caught the market's fancy, and the building went into receivership. Developer LCOR, serving as GC, then stepped in to rehab the building back to rental. |
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| We snapped LCOR EVP David Sigman in the kitchen of one the units—unusually oversized for residential, but the conversion from office allowed for larger footprints (up to 1,500 SF) and higher ceilings unseen in ground-up rentals, he says. LCOR is spiffying up the high-end finishes and improving the mechanical systems, turning over the 307 residences at 30 units per month. So far, 80 units (marketed by Rose Associates) have been leased, averaging $55/SF; the building's two-thirds one bedroom, one-third two bedroom, and will have four penthouses when it opens next summer. |
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| Here's the children's playroom, one of the many community areas in the building. (Small lounge chairs are set up for the genteel toddler who appreciates lively discussion... or just wants to watch Dora the Explorer.) There's a huge expanse of space to work with, David says—perks include a fitness center, entertainment center, rec room (with pool tables that convert to dining tables), and golf simulator. When mechanical work, Local Law 11 façade work, and structural work are completed, 25 Broad will also have 6,000 SF of both private and public terraces for residential use. Me and General Design (which has joined LCOR on Brooklyn's 34 Berry and other projects) is helping with interior design. |
