GFP, TPG submit plans for 798-unit conversion of FiDi commercial tower

GFP Real Estate in partnership with TPG Real Estate Partners, submitted a major alteration application for the conversion of the office building at 212 Broadway in Financial District, Manhattan, to a residential building with 798 units. The plan was filed with the New York City Department of Buildings on August 7, 2024 under job number M01084591. It call for the increase in size of the building from a 31-story building with no dwelling units to a 31-story building with 798 dwelling units. The project is described in the filing as: alteration and conversion of existing commercial building to residential.
Scott Beadle, Head of Development and Construction for GFP Real Estate, submitted the plans for the building, also known as 222 Broadway. The architect of record is CetraRuddy Architecture.
GFP and TPG bought the building April 18, 2024 for $147.5 million from DWS Group, after going into contract for the property earlier in the year, as The Real Deal first reported.
The filing shows the distribution of about 480 of the 798 units, with 40 units each on floors three to 14, but has not yet noted the location of the other units. The filings calls for retail on the ground floor.

The property

The office building in Financial District has 756,138 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 117 feet and is 237 feet deep with a total lot size of 33,339 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 $214.6 million.

Prior sales and revenue

The 756,138-square-foot property generated revenue of $41.9 million or $55 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 and $18,770 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 4th highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 10 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 756,138 square feet of the 986,988 square feet. The identified owner is Tpg Real Estate Partners. On the tax block, there was one new building construction project filed totaling 107,348 square feet. It is a 298-unit, 107,348 square-foot hotel/dormitory/shelter (R-1) building submitted by William Brodsky with plans filed June 26, 2015 and permitted March 3, 2016.

The owner

The PincusCo database currently indicates that Gfp Real Estate owned at least 16 commercial properties with eight residential units in New York City with 4,896,795 square feet and a city-determined market value of $1.1 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 98 percent of the 4,896,795 square feet of built space are office properties, with industrial properties next occupying 1 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.

The surrounding

Within a 400-foot radius of 22 Ann Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, two were sales above $5 million totaling $102.5 million. The most recent of the two was Breuer Herskowitz registered and Housing Solutions which bought the 111,423-square-foot, 81-unit hotel (HS) on 17 John Street for $64.5 million from Vanbarton Group on August 1, 2024. Of those four items, two were loans above $5 million totaling $108.1 million. The most recent of the two was Breuer Herskowitz registered and Housing Solutions in which borrowed $62 million from Acore Capital secured by the 111,423-square-foot, 81-unit hotel (HS) on 17 John Street on August 1, 2024.

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