Cammeby’s International Group files 4th conversion in FiDI, this for 241 units

The Schron family’s Cammeby’s International Group filed its fourth Financial District office-to-residential conversion project this month with the city’s Department of Buildings, this for 241 units at 45 Broadway. The new application follows three projects with a total of 823 units Cammeby’s filed last week for the adjacent 39 Broadway and two buildings across the street at 42 Broadway and 32 Broadway, as PincusCo first reported.

In the new project, Cammeby’s International Group submitted a major alteration application on December 24, 2025 under job number M01328496. The project is described in the filing as: conversion of existing office building to residential. The architect is LK Collaborative Architecture.

The existing building is 32 stories. The plans call for a variety of retail, commercial and amenities on the lower level through the seventh floor, and apartments on the seventh through the 32nd floor. The roof will have an amenity lounge and terrace.

45 Broadway

The property

The office building in Financial District has 368,315 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 193 feet deep with a total lot size of 15,529 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 $69.2 million.

Prior sales, articles and revenue

The 368,315-square-foot property generated revenue of $15.6 million or $42 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received one DOB violation, $5,000 in ECB penalties, and $6,455 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 5th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 18.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the six commercial properties representing 1,486,188 square feet of the 1,486,188 square feet. The largest owner is Cammeby’S International Group, followed by Dennis Riese and then Harbor Group International. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Cammeby’S International Group owned at least 132 commercial properties with 16,762 residential units in New York City with 17,349,510 square feet and a city-determined market value of $2.1 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 17,349,510 square feet of built space are elevator properties, with walkup properties next occupying 22 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Brooklyn next at 28 percent of the space.

The surrounding

Within a 400-foot radius of 45 Broadway, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, three were for major renovation including a certificate of occupancy change. They were three permit applications with a total initial cost of $15 million. The most recent of these three items was the filing on December 19, 2025 for a 381,781-square-foot residential (R-2) building with 332 residential units at 39 Broadway. One of those four items was a loan which Harbor Group International borrowed $71.6 million from AIG secured by the 309,381-square-foot, 60-unit office building (O4) on 55 Broadway on August 2, 2024.

Direct link to the property’s ACRIS page and link to DOB NOW portal.