Vornado Considers Converting 20 Broad St to Apartments
As the NYSE prepares to leave 20 Broad St, Vornado is thinking about converting all or part of it into a residential
property. Such a project would cost tens of millions of dollars, not to mention logistical issues, as the building's larger lower floors may be harder to convert into apartments. To complicate matters even more, Vornado doesn't own 20 Broad St outright. The NYSE ground-leased to Vornado several years ago, Crain's New York reports. However, with the NYSE leaving 20 Broad, Vornado could buy the building outright before moving forward. The NYSE currently occupies almost 400k SF of the 473k SF, 27-story office building. Vornado is also still working on the soaring 220 Central Park South. It revealed recently that it's sold $1.1B worth of condos just a few weeks after going on the market. [Crain's]
