RXR Leads $500M Recapitalization of 55 Broad Street Office-to-Residential Conversion in New York City

RXR's Capital Solutions Platform is leading a $500 million recapitalization of 55 Broad Street in New York City, the firm announced April 3, 2026. The transaction is being executed alongside Silverstein Properties and Metro Loft Management, and backs the conversion of the office tower into residential units — described as one of the city's most closely watched office-to-residential projects.

Deal Structure and Key Parties

The $500 million recapitalization involves RXR's Capital Solutions Platform as the lead general partner, with Silverstein Properties and Metro Loft Management serving as co-sponsors on the transaction. Financial terms beyond the total capitalization amount — including individual equity contributions, debt components, and post-conversion unit counts — were not disclosed in the announcement.

55 Broad Street was originally constructed in 1972 and has approximately 500,000 square feet of space.

RXR's Office-to-Residential Strategy

The 55 Broad Street recapitalization is one of four large-scale office-to-residential projects RXR is pursuing across New York City. Collectively, the firm has said these projects will add more than 4,000 new residential units to a market where housing demand is described as being at an all-time high.

RXR's involvement in four large-scale office-to-residential projects in New York City was highlighted as part of the announcement, though specific details on the other projects were not disclosed in the source material.

Key Parties

Metro Loft Management, a co-sponsor on the 55 Broad Street deal, has been active in residential conversions in the Financial District. Silverstein Properties is a co-sponsor alongside RXR and Metro Loft Management on the transaction.

Sources: RXR; The Real Deal