InterVest submits plans for 571-unit rental conversion of 30 Broad in FiDi

UPDATED 3:21 p.m., October 29, 2025: InterVest Capital Group along with its equity partner Rose Associates, submitted a major alteration application to convert the 370,000-square-foot, 48-story building at 30 Broad Street in Financial District, Manhattan, into a residential rental building with 571 apartments. The plan was filed with the New York City Department of Buildings on October 27, 2025 under job number M01300953. It calls for an increase in the size of the building from a 48-story building with no dwelling units to a 49-story building with 521 dwelling units. The project is described in the filing as: conversion and enlargement of existing commercial building to residential. The architect is Gensler.

InverVest Capital Partners and Rose Associates control the building through a ground lease with the fee owner, Solil Management, which owns the assets of the late Sol Goldman. Sol Goldman acquired the fee in March 1964 from Connecticut General Life Insurance. Connecticut General as landlord signed the original ground lease in 1950. The lease expires in 2079 but will be reset in 2035 to pay 4.5 percent of the property’s market value, according to news reports. The annual rent was $2.7 million at 2016, when the former owner Tribeca Investment Group bought the ground lease.

A Rose Associates affiliate, Rose Associates Capital Group, is identified as the client for a document dated July 2025 which was submitted as part of the approval process through a company called 30 Broad Street Venture LLC.

A spokesperson for Rose Associates said the firm has an equity stake in the project and that the project would be a rental.

The plans call for first-floor retail and a second-floor co-working space, then between five and 17 apartments per floor on floors two through 46. There will be a lounge on the 47th floor and a lounge and terrace on the 49th floor.

On the two lower levels, the developer plans three “simulator rooms,” two media rooms, a club room, a fitness center-gym with yoga room, a dog wash and a laundry room.

30 Broad Street

InterVest Capital Group, the company formerly known as Wafra Capital Partners, acquired the building through a foreclosure process. The lender filed a $126.4 million pre-foreclosure action in July 2024 against an affiliate of Tribeca Investment Group which controlled the office building at 30 Broad, through a long-term ground lease.
Case LINK

Lender InterVest Capital Partners through the entity ICP 30 Broad Owner LLC took title through a judicial foreclosure for a ground lease that controls the office building (O4) at 30 Broad Street in the Financial District, Manhattan. The former owner was Tribeca Investment Group, and the total judgment was $182.5 million, which was the transfer value upon which state transfer taxes were paid.
The foreclosure auction was on June 25, 2025, the transfer closed on July 9, 2025 and it was recorded on July 23, 2025.
The signatory for the court was referee Jeffrey Robert Miller . The transfer amount in Acris was just $6,567, which does not represent the value of the asset. The buyer paid state taxes on $182,472,774.71 , which was the total judgment at the time of auction, held on June 25, 2025. No taxes were paid to the city.

Tribeca Investment Group, led by Elliott Ingerman and Bill Brodsky, under the name Tribeca Associates, bought the leasehold in 2016 for $130 million, and took out a $96 million loan from M&T Bank at the time. The owners refinanced the loan in 2019, borrowing a total of $124.6 million.

The property

The office building in Financial District has 370,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 88 feet and is 149 feet deep with a total lot size of 13,220 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 $141.7 million. The most recent loan totaled 0.0 and was provided by InterVest Capital Partners on February 23, 2024.

Prior sales and revenue

This property was sold by Tribeca Investment Group for $182.5 million to InterVest Capital Partners on July 9, 2025.

The 370,000-square-foot property generated revenue of $24.1 million or $65 per square foot, according to the most recent income and expense figures.

Development

For the tax lot building, it received its initial certificate of occupancy on February 12, 2021.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $126.4 million commercial foreclosure concerning a loan filed on July 25, 2024, by InterVest Capital Group against Tribeca Investment Group.

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 $1.9 billion in sales volume in the last two years. For development, Financial District is the 4th most active neighborhood among other neighborhoods. It had 16 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 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 370,000 square feet of the 1,566,893 square feet. The identified owner is Intervest Capital Partners. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Intervest Capital Partners owned at least 18 commercial properties with 504 residential units in New York City with 2,155,338 square feet and a city-determined market value of $347.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 66 percent of the 2,155,338 square feet of built space are office properties, with elevator properties next occupying 12 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Bronx next at 23 percent of the space.

The surrounding

Within a 400-foot radius of 36 Broad 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 $350.3 million. The most recent of the two was 20 Broad Street Pledgor LLC which bought the 466,820-square-foot, 540-unit rental (D9) on 20 Broad Street for $332.3 million from Metro Loft Management on January 23, 2025. Of those four items, two were loans above $5 million totaling $29.7 million. The most recent of the two was Skyline Developers in which borrowed $18 million from JPMorgan Chase secured by the 91,553-square-foot, one-unit industrial (W8) on 41 Broad Street on May 5, 2025.

Clarification: The post was updated to include that Rose Associates is an equity owner and that the project will be a rental.

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