A downtown Manhattan office building is set to be converted into residential use. InterVest Capital Partners, which acquired the 48-story tower at 30 Broad Street in the Financial District through a foreclosure auction in June, has filed plans to transform the property into 571 rental apartments, according to Crain’s.
InterVest became the owner after submitting the only bid of $1,000 at the auction. The previous owners, Elliott Ingerman and Bill Brodsky’s Tribeca Associates, had purchased the building for $130 million in 2016. They later refinanced their original $96 million debt to $124.6 million in 2019.
In February 2024, InterVest bought the loan on the property and subsequently filed a $126 million pre-foreclosure action against an affiliate of Tribeca Investment Group.
Rose Associates will serve as developer for the conversion project. A spokesperson for Rose told Crain’s that they specialize in luxury multifamily rentals and will help facilitate the transformation.
The planned conversion includes adding another floor to the building and creating two ground-floor retail spaces. Planned amenities feature a fitness center, yoga room, lounge, and roof deck.
In 2023, CompletePlayground signed a long-term lease for a large indoor playground within the building. This lease replaced a New York Sports Club previously located there.
Tribeca Associates entered into a forbearance agreement after failing to make required payments on the property, leading to default proceedings according to court documents.
The building sits on land owned by Solil Management under a ground lease that runs until 2079. In 2016, annual rent was set at $2.7 million but is scheduled to reset in 2035 based on market value.
