William Macklowe files to create 6 apartments on 17th floor of 291 Broadway

Less than two months after William Macklowe Company took title to 291 Broadway in Tribeca, Manhattan, from Sutton Management, Macklowe filed plans to convert the 17th floor of the office building into six residential apartments. The filing does not comment on any other floors and no other filings have been made at the building since Macklowe acquired it in late December 2025.

William Macklowe Company through the entity 291 Broadway Mezz LLC acquired from Sutton Management through the entity Esa Associates, LLC the office building (O6) at 291 Broadway in Tribeca, Manhattan, in a transfer valued at $52.8 million, which is often the amount of the judgment or the amount of the defaulted debt.

The transfer closed on December 23, 2025 and was recorded on January 6, 2026. The property has 128,940 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $409 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The Real Deal reported in December 2025 that William Macklowe Company bought the defaulted debt. New York Community Bank gave a $46 million loan in 2019, and in July 2025, Flagstar Bank initiated foreclosure under index 850296/2025, as PincusCo reported at the time. The sale of the loan formally occurred December 23, 2025, court records show, identifying the buyer as WMC291 Broadway LLC.

The Sutton family, led by Elie S. Sutton, through the company Sutton Investments, bought the building for $15.65 million in December 1985.

The property

The office building in Tribeca has 128,940 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 66 feet and is 124 feet deep with a total lot size of 7,650 square feet. The lot is irregular. The zoning is C6-4A which allows for up to 10 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 $24 million. The most recent loan totaled $46 million and was provided by New York Community Bank on October 4, 2019.

Prior sales, articles and revenue

This property was sold for $52.8 million on December 23, 2025.

The 128,940-square-foot property generated revenue of $5.7 million or $44 per square foot, according to the most recent income and expense figures.

Commercial Observer reported on December 26, 2025 that Northwind Group provided a $33 million loan to William Macklowe Company secured by 291 Broadway. The deal brokers were Jordan Roeschlaub, Adam Spies, and Josh King of Newmark.

Violations and lawsuits

According to city public data, the property has received one DOB violation, $4,800 in ECB penalties, and $6,100 in OATH penalties in the last year.

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $46 million commercial foreclosure concerning a loan filed on July 10, 2025, by Flagstar Bank against Sutton Management, Abraham Sutton, and Samuel Sutton.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has near average sales volume among other neighborhoods with $490.2 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Tribeca has near average amount of major developments among other neighborhoods and is the 16th highest in Manhattan. It had 2.6 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 seven of the 10 commercial properties representing 470,221 square feet of the 530,240 square feet. The largest owner is 62-64 Reade Street Llc, followed by Jean Hieber and then Olmstead Properties. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Sutton Management owned at least nine commercial properties with 189 residential units in New York City with 380,932 square feet and a city-determined market value of $93.4 million. (Market value is typically about 50% of actual value.) The portfolio has $164.9 million in debt, with top three lenders as New York Community Bank, Customers Bank, and Argentic Investment Management respectively. Within the portfolio, the bulk, or 46 percent of the 380,932 square feet of built space are elevator properties, with office properties next occupying 39 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Brooklyn next at 10 percent of the space.

The surrounding

Within a 400-foot radius of 293 Broadway, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. Of those five items, two were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $3 million. The most recent of these two items was the permit on August 19, 2025 for a 20,530-square-foot residential (R-2) building with eight residential units at 85 Chambers Street. Of those five items, three were loans above $5 million totaling $82.6 million. The most recent of the three was HUBB NYC in which borrowed $39.6 million from Nuveen secured by two condo units in the 9,667-square-foot, 35-unit mixed-use building (RM) on 91 Chambers Street and 10 other properties on January 16, 2026.

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