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A blog from CityRealty (Links below will take you to the 6sqft site)

Carter's View

The landmarks committee of Community Board 1 voted 6 to 0 with one recusal to approve plans to "decertify" 25 Broad Street as a landmark.

The building's owner, Swig Equities LLC, of which Kent Swig, shown at the right addressing the committee, is a principal, is in the process of converting the Beaux-Arts-style building, one of the most handsome in Lower Manhattan, to residential condominiums. He wants to "shave" off the rear of the building and transfer those "air rights" to 45 Broad Street where he is contemplating erecting a mixed-use tower.

Mr. Swig told the committee that he would like to cut off the rear wing above the first floor of 25 Broad Street, which would involve removing about 16 percent of the building's mass and 36 apartments.

The removal would reduce the building's mass by about 80,000 square feet, which he would like to transfer to a building site he has nearby at 45 Broad Street. The transfer would permit his company to add about 12 stories to its existing plan for a 35-story building at 45 Broad Street.

After the meeting last night, Mr. Swig told CityRealty.com that plans have not yet been finalized for 45 Broad Street as far as its design and usage.

25 Broad Street is a 21-story building that was the world's largest building when it was completed in 1902. Located on the southeast corner of Broad Street and Exchange Place, it is one block south of the New York Stock Exchange. It was designed in 1899 by Robert Maynicke and his plans were revised the next year by Clinton & Russell.

The building is distinguished by its very handsome facade and entrance and its stunning and huge lobby. It has a three-story rusticated base with a five-step-up entrance.

In their wonderful book, "The A.I.A. Guide to New York City, Fourth Edition" (Three Rivers Press, 2000), Elliot Willensky and Norval White observed that the building is "worthy of the best on Park Avenue." In fact, the building predates most of the buildings on Park Avenue and its huge marble lobby with coffered ceiling is worthy of the world's most luxurious hotels.

According to the Skyscraper Museum, the building remained the world's largest building from 1902 to 1907 when it was surpassed in size by the City Investing Building. When it was completed, the "Broad Exchange Building," as it was known, was "the largest and most valuable office building in all of Manhattan" and, according to the Swig Equities's website, "was instantly recognized as one of the most desirable addresses for Wall Street's brokers and bankers, providing headquarter facilities for Paine, Webber and Company for nearly seventy years."

The building was converted from an office building in 1997 by Crescent Heights to 346 rental apartments. The building had been vacant for several years after the stock market crash of 1987. Mr. Swig acquired the building from Crescent Heights in 2005 for about $200 million.

John Cetra, the architect in charge of the conversion and renovation plans for 25 Broad Street, told the committee last night that the plans for the building, which was designated a city landmark in 2000, would restore the rear wall of the building and replace an angled parapet wall with many small arches that had been removed in 1928. The rear of the building will not be highly visible due to surrounding buildings and new construction.

The building at 25 Broad Street has high ceilings, a fitness center, a roofdeck, a concierge, and there are laundry and private storage rooms on each residential floor.

In recent years, Swig Equities has acquired a substantial and important portfolio of Lower Manhattan properties that include 44 and 48 Wall Street, 5 Hanover Square, 80 Broad Street and 110 William Street in addition to 25 Broad Street.
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Architecture Critic Carter Horsley Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
Spacious 1 Bedrooms with outdoor space and in-residence w/d View Property
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