222 Broadway

Jeff Gural’s GFP Real Estate is purchasing the 1960s-era office tower at 222 Broadway in the Financial District for $150 million from Deutsche Bank. This price marks a significant drop from the $500 million paid by the bank in 2014. The 31-story building, currently only 31% occupied after Bank of America’s lease expiration, offers approximately 778,000 square feet for potential conversion into 600 to 800 apartments. GFP is seeking a $200 million construction loan for the conversion, managed by a Newmark team. Gural’s company has been active in office-to-residential conversions, including the city’s largest at 25 Water Street.