RXR announced its partnership with One Investment Management has secured $475 million in tax equity and construction debt to finance the office-to-residential conversion of 61 Broadway, a 33-story Downtown Manhattan office tower, into 800 residential units, one of the city’s largest office-to-housing projects. The 61 Broadway project adds to RXR’s growing portfolio of large-scale office-to-residential conversions across New York City. These include 5 Times Square, where the firm is transforming a 1.1 million-square-foot office tower into as many as 1,200 apartments, as well as the conversion of the former Pfizer HQ near Grand Central Terminal.
“The project demonstrates what can be achieved when thoughtful public policy meets private-sector expertise,” said Scott Rechler, RXR Chairman and CEO, underscoring the firm’s broader strategy of repositioning underutilized office assets to help address New York City’s housing needs. Construction will begin in March 2026, with the first apartments expected to be delivered in early 2028.
