JEMB files 28-unit, single-floor conversion plan for 75 Broad in FiDi

JEMB Realty submitted a major alteration application to convert the second floor of the office building at 75 Broad Street, in the filing referred to as 61 Broad Street, in the Financial District, Manhattan, from office space to 28 residential units. The plan was filed on April 29, 2026, with the New York City Department of Buildings under job number M01355263. The project is described in the filing as: application filed for the conversion of the 2nd floor to residential use as shown on the filed plans. The applicant is the Registered Architect John Cetra of Cetraruddy Architecture.

The building’s certificate of occupancy says the 34-story, 661,283-square-foot structure is an office building with school use on the first floor.

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 $2.3 billion in sales volume in the last two years. For development, Financial District is the 4th most active neighborhood among other neighborhoods. It had 18 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 16 commercial properties representing 1,701,830 square feet of the 2,063,229 square feet. The largest owner is David Setareh, followed by Jemb Realty and then La Caisse.
There are no active new building construction projects on this tax block.

The Owner

The PincusCo database currently indicates that Jemb Realty owned at least six commercial properties with 375 residential units in New York City with 1,620,050 square feet and a city-determined market value of $424.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 82 percent of the 1,620,050 square feet of built space are office properties, with specialty properties next occupying 16 percent of the space. The bulk, or 74 percent of the built space, is in Manhattan, with Brooklyn next at 26 percent of the space.

The surrounding

Within a 400-foot radius of 61 broad street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $4.2 million and one permit with a total initial cost of $987,448. The most recent of these two items was the filing on February 19, 2026 for a 26,754-square-foot residential (R-2) building with 50 residential units at 16 Beaver Street.
Of those nine items, three were sales above $5 million totaling $95.2 million. The most recent of the three was Broad Street Development, PCCP, and OneIM which bought the 361,710-square-foot, 76-unit office building (O4) on 80 Broad Street for $65 million from Barings and Invesco on March 27, 2026.
Of those nine items, four were loans above $5 million totaling $221.3 million. The most recent of the four was Bsd 80 Broad LLC in which borrowed $175 million from Dl Rcf I Loan Holdings, LLC secured by the 361,710-square-foot, 76-unit office building (O4) on 80 Broad Street on April 6, 2026.

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