RXR JV Secures $500M for Manhattan Conversion
The project will turn a Financial District office tower into 796 residential units.
RXR and One Investment Management have closed on more than $500 million in financing for the office-to-multifamily conversion of 61 Broadway, a 33-story office building in Manhattan’s Financial District. The project will deliver 796 mixed-income units to market.
Construction is expected to begin shortly, with the first apartments scheduled for delivery in the first half of 2028.
Affiliates of Apollo provided $420 million in construction financing, while JPMorgan contributed a $55 million tax equity investment. JLL Capital Markets arranged the financing.
The building, which was constructed in 1913 and is on the National Register of Historic Places, is also eligible for state and federal historic tax credits.
The developers are utilizing New York City’s 467-m conversion program, meaning a quarter of the community’s units will be affordable to households earning 80 percent of the area median income.
The updated property will include 40,000 square feet of amenities such as a rooftop lounge, resident storage and an outdoor terrace.
READ ALSO: Where Office-to-Resi Conversions Are Growing Most—and Why
RXR purchased 61 Broadway for $300 million in 2014 from Broad Street Development. In May 2023, RXR went into maturity default on a $240 million loan it had originated in 2019, according to The Real Deal. Ownership of the building then returned to RXR’s lender, Aareal Bank.
The JLL Capital Markets team that arranged the financing for this transaction was led by Senior Managing Directors Andrew Scandalios, Drew Isaacson and David Giancola, along with Director Jennifer Zelko.
Conversions boom in NYC—especially in FiDi
New York had 8,310 office-to-apartment units in development through the end of 2025, according to a report from RentCafe, ranking first in the nation for such conversions. The city benefits from several policy incentives, such as 467-m, that enable tax abatements for projects that reserve at least 25 percent of units for affordable housing.
The Financial District has seen several office-to-residential conversions break ground or complete in the past year. In February 2026, GFP Real Estate obtained $191.5 million in construction financing for the conversion of 40 Exchange Place, a 20-story office building. That project will turn the historic tower, which was built in 1893, into 382 mixed-income apartments with ground-level retail space.
In 2025, GFP completed the country’s largest office-to-residential conversion with SoMA, which turned a 1.1 million-square-foot office asset into a 1,320-unit multifamily community. GFP worked with Metro Loft and Rockwood Capital on that project, which is located at 25 Water St. in FiDi. SoMA was also the first conversion project to take advantage of the 467-m incentive.
