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JV Purchases Downtown JP Morgan Building for $100M

NEW YORK CITY-A joint venture specializing in converting office buildings for residential use has purchased the nearly one million-sf 15 Broad St. and adjacent 23 Wall St. properties.

By Barbara Jarvie | Updated on May 15, 2003

NEW YORK CITY-A.I. & Boymelgreeen, a joint venture comprised of an international investment company and a Brooklyn-based developer has purchased the JP Morgan complex in lower Manhattan for $100 million. Asi Cymbal, VP and general counsel for Boymelgreen Developers, says the venture expects to spend an additional $200 million to turn the nearly one million sf 15 Broad St. and adjacent 23 Wall St. properties into a mixed-use environment. James Kuhn, Alice DiMarzio and Howard Kesseler of Newmark Capital Group were the brokers on the deal.

“We felt that purchasing the building was a good business opportunity and a better opportunity to contribute to the city and downtown,” Cymbal says. “We specialize in revitalizing communities and focus on projects such as this. Boymelgreen’s intent is to participate in a material way in the revitalization of downtown.”

Though the full scope of the plans have not been committed to as of yet, Cymbal anticipates office and retail space will available on the below ground levels four through five and up to and including the fourth floor. Floors five through 37 will most likely be deemed residential. Cymbal expects the residences to be high end. “They’ll exude quality and style.”

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