Plans to convert the 27-story, 473k SF NYSE Building at 20 Broad St into luxury rentals will likely come to fruition.
Developer Nathan Berman, who has converted office properties like 17 John St and 20 Exchange Pl into luxury residential space, is buying a leasehold from Vornado with plans to work his magic. No word on how much he paid for his stake.
Vornado's lease with the building is until 2081, giving Berman plenty of time to transform the building and operate it for decades. NYSE is vacating next year. Berman would not confirm or deny the deal. [Crain's]
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