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$135M Is on Tap for Residential Conversion

NEW YORK CITY-At this time last year, the JV purchased the nearly one million sf 15 Broad St. and adjacent 23 Wall St. for $110 million. Now, they're shelling out an additional $135 million to transform 15 Broad into a luxury residential complex.

By Barbara Jarvie | Updated on May 11, 2004

NEW YORK CITY-The joint venture of Africa Israel Investments and Boymelgreen developers has hired noted architect and designer Philippe Starck to transform the 42-story 15 Broad St. into a luxury residence called, appropriately, Downtown. The joint venture has pegged development costs at $135 million—-it paid $110 million for the site and its neighbor 23 Wall St. last year.

Working with project architect, Ismael Levya, Starck will turn the former Equitable Trust Building, which served as headquarters of JPMorgan & Co, into 326 residential condominiums that are expected to list from approximately $335,000 to $3.5 million and will house a combination of studio, one-, two- and three-bedroom units. Starck is introducing his YOO design concept–which focuses on creating modern living spaces that reflect and complement an individual’s lifestyle choices–to the area. Occupancy is slated for summer 2005.

Amenities include a lap pool, squash court, basketball court, a yoga and Pilates studio and weight-training room, steam room as well as a business center and children’s playroom. There will also be a screening area and the only private bowling alley in Manhattan.

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