Bushburg files plans for 500-unit FiDi conversion at former Rudin office tower
110 Maiden Lane aka 80 Pine Street (Credit - Google)
Abraham Hoffman of Bushburg Properties through the entity Bushburg Builders LLC submitted a major alteration application for the conversion of office space on the lower floors of the 1.1-million-square-foot office building at 110 Maiden Lane in the Financial District, Manhattan, also known as 80 Pine Street, into 500 residential apartment units. The plan was filed with the New York City Department of Buildings on October 10, 2024 under job number M01110829. It calls for a conversion and renovation of a portion of the 38-story building. The project is described in the filing as: conversion of floors 2-17 in existing 38-story building from office to residential use. The architect of record is CetraRuddy Architecture.
The plan calls for 50 apartments each on floors two to 11, for a total of 500. The plan does not currently describe the change in use to floors 12 through 17.
Bushburg Properties bought the property from Rudin Management for $160 million on September 6, 2024. The Real Deal first reported on the sale in April, when it was in contract.
The 1,104,184-square-foot property generated revenue of $39.3 million or $36 per square foot, according to the most recent income and expense figures.
Developers have filed at least nine conversion plans with at least 250 units each since January 2019, totaling 5,638 units, at office buildings in the Financial District including 798 units at 212 Broadway, 1,263 units at 25 Water Street, 676 at 17 Battery Place, and 571 at 49 Broad Street.
The property
The office building in Financial District has 1,104,184 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 223 feet and is 255 feet deep with a total lot size of 48,946 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $140.7 million. The most recent loan totaled $134.4 million and was provided by Pine Financial Ltd. on September 6, 2024.
110 Maiden Lane
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | ||||||
| 2 | Cellar | ||||||
| 3 | Cellar | ||||||
| 4 | 1 | ||||||
| 5 | 1 | ||||||
| 6 | 1 | ||||||
| 7 | 1 | ||||||
| 8 | 1 | ||||||
| 9 | Mezzanine - 1 | ||||||
| 10 | 2 | ELECTRICAL CLOSETS, HWH ROOM | Mechanical and/or electrical equipment room | 10 | Factory and Industrial | ||
| 11 | 2 | BACK OF HOUSE STORAGE | Storage of non combustible Materials | 2 | Storage | ||
| 12 | 2 | TENANT STORAGE | Storage of non combustible Materials | 2 | Storage | ||
| 13 | 2 | ACCESSORY PASSIVE RECREATION | Apartment | 21 | Residential | ||
| 14 | 2 | FIFTY (50) CLASS 'A' APARTMENTS | Apartment | N/A | Residential | 50 | |
| 15 | 3 | ELECTRICAL CLOSETS, HWH ROOM | Mechanical and/or electrical equipment room | 10 | Factory and Industrial | ||
| 16 | 3 | ACCESSORY PASSIVE RECREATION | Apartment | 21 | Residential | ||
| 17 | 3 | BACK OF HOUSE STORAGE | Storage of non combustible Materials | 2 | Storage | ||
| 18 | 3 | TENANT STORAGE | Storage of non combustible Materials | 2 | Storage | ||
| 19 | 3 | FIFTY (50) CLASS 'A' APARTMENTS | Apartment | N/A | Residential | 50 | |
| 20 | 4 | ELECTRICAL CLOSETS, HWH ROOM | Mechanical and/or electrical equipment room | 10 | Factory and Industrial | ||
| 21 | 4 | ACCESSORY PASSIVE RECREATION | Apartment | 21 | Residential | ||
| 22 | 4 | BACK OF HOUSE STORAGE | Storage of non combustible Materials | 2 | Storage | ||
| 23 | 4 | TENANT STORAGE | Storage of non combustible Materials | 2 | Storage | ||
| 24 | 4 | FIFTY (50) CLASS 'A' APARTMENTS | Apartment | N/A | Residential | 50 | |
| 25 | 5 | ELECTRICAL CLOSETS, HWH ROOM | Mechanical and/or electrical equipment room | 10 | Factory and Industrial |
Development
For the tax lot building, it received its latest initial renovation certificate of occupancy on May 30, 2017.
Violations and lawsuits
According to city public data, the property has received one DOB violation and $1,850 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 3rd highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 13.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the five commercial properties representing 1,304,481 square feet of the 1,327,095 square feet. The largest owner is Atlas Hospitality, followed by Breakwater and then Bushburg Properties. On the tax block, there was one new building construction project filed totaling 44,773 square feet. It is a 128-unit, 44,773 square-foot hotel/dormitory/shelter (R-1) building submitted by Atlas Hospitality and filed by Raj Guru with plans filed December 22, 2014 and permitted August 21, 2017.
The owner
The PincusCo database currently indicates that Bushburg Properties owned at least eight commercial properties with 1,037 residential units in New York City with 1,795,282 square feet and a city-determined market value of $230 million. (Market value is typically about 50% of actual value.) The portfolio has $347.6 million in debt, with top three lenders as Pine Financial Ltd., Valley National Bank, and Webster Bank respectively. Within the portfolio, the bulk, or 67 percent of the 1,795,282 square feet of built space are office properties, with elevator properties next occupying 24 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Brooklyn next at 35 percent of the space.
The surrounding
Within a 400-foot radius of 134 Maiden Lane, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. One of those seven items was a sale which David Werner Real Estate Investments and BLDG Management bought the 463,664-square-foot, 65-unit office building (O4) on 100 Wall Street for $116 million from Barings on July 29, 2024. Of those seven items, six were loans above $5 million totaling $615.2 million. The most recent of the six was David Werner Real Estate Investments and BLDG Management in which borrowed $95 million from Northwind Group secured by the 463,664-square-foot, 65-unit office building (O4) on 100 Wall Street on July 29, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.