In 1931, 20 Exchange Place was constructed as the City Bank Farmers Trust Building (a predecessor of present day Citigroup) and was the 4th tallest building in the world. The building's original plans called for a pyramid top and a taller tower. However, due to the Great Depression, the building was topped off at its present height of 57 floors.
In June, 2004, developers Nathan Berman, Yaron Bruckner and Eastbridge NV acquired 20 Exchange Place for $152 million. Berman and Bruckner are converting the 800,000 square feet of space for residential usage. The Singer and Bassuk Organization announced last fall that it secured $210 million in residential Liberty Bond financing for the Berman and Bruckner conversion of the top 41 floors of the 57-story office building into 369 luxury rental units. The ground floor and four lower levels will house retail space. Floors two to 15 will remain commercial.
Summary
The first phase of the residential conversion of 20 Exchange Place will create 369 apartments on the top 41 floors of the 56-story tower. The units will be rental and there are plans for a second phase of conversions that will bring the building's total close to 800.
The following information was last updated on October 1, 2008.
The first phase units should be ready for occupancy by the end of 2008 and the building's 130,000 square feet of retail space on the ground floor and four lower levels should be ready by the middle of 2008.
