61 Broadway is the conversion of the former Adams Express Building into a 796-unit multifamily asset that also includes 40,000 square feet of amenities. RXR is leading the redevelopment of one of the largest office-to-residential conversions executed in Lower Manhattan to date, repositioning a historically significant building for long-term housing demand while preserving the character of its façade and ground-floor public spaces.

The project’s capital structure brought together a sponsor experienced in large-scale New York development with institutional LP equity. Institutional real estate private equity funds are generally built around a build, stabilize, and sell cycle, not around holding a stabilized asset through a 5-year federal HTC compliance period. The transaction also presented a State HTC question: the property does not sit within a qualifying census tract that would ordinarily establish State HTC eligibility and the initial read across the deal team was that State credits were unavailable.