Broad Street JV Lands $175M for Major Manhattan Office-to-Residential Conversion

Broad Street Development, PCCP, and One Investment Management land $175M in financing to transform Manhattan’s Maritime Building into a 326-unit rental property.

By: AXL Media

Published: Apr 1, 2026, 10:56 AM EDT

Source: https://www.multihousingnews.com/

Financing and Transaction Details

The financing was issued by Derby Lane Partners and arranged by a Newmark capital markets team led by Adam Spies and Adam Doneger. The transaction also included the recapitalization of the asset, which Broad Street Development has owned in various capacities since 2014.

The development team for the conversion includes:

Architecture: Rawling Architects.

Interior Design: Korban Studio.

Capital Partners: One Investment Management and PCCP.