Former NYSE Home Gets $192 Million Loan for Apartment Conversion

GFP Real Estatesecured about $192 million of construction financing to convert 40 Exchange Place in New York’s Financial District into a residential building.

The Manhattan office property will be redeveloped into 382 apartments, including a mix of market-rate and affordable housing, according to an emailed statement. It will also have ground-floor retail space and tenant amenities.

A rendering of 40 Exchange Place. The Manhattan office property will be redeveloped into 382 apartments, including a mix of market-rate and affordable housing.

Source: GFP Real Estate

Built in 1893, the 20-story building sits on a site that once housed the New York Stock Exchange headquarters.

Derby Lane, an alternative investment manager founded by Adam Piekarski, previously co-head of the real estate credit business at BDT & ...