Arrow Real Estate Advisors arranges $320 million
for Bushburg Properties’ office-to-residential conversion

Manhattan, NY Arrow Real Estate Advisors, a real estate finance advisory firm, has arranged a $320 million construction loan on behalf of Bushburg Properties for the conversion of 80 Pine St., a 41-story office tower in the Financial District. The loan was provided by BridgeCity Capital and Deutsche Bank. Arrow Real Estate Advisors’ team of Morris Betesh, founder and managing partner, Alex Bailkin, senior vice president, and Matt O’Hanlon, senior associate, negotiated the financing.

The financing will support the transformation of the building’s lower floors, from 2 through 17, into 713 new residential units, totaling 1.2 million s/f. Originally constructed in 1960 and occupying a full city block, 80 Pine has undergone $100 million in renovations, including a reimagined lobby, modern building systems, and a new tenant terrace.

“We are pleased to have arranged the construction financing for this transformative office-to-residential conversion,” said Betesh, “Bushburg’s creative redevelopment of 80 Pine reflects the strong demand for residential repositionings enabled by the 467-m program.”

The redevelopment is being executed in alignment with New York City’s newly adopted 467-m Property Tax Incentive, a successor to the expired 421-g program. Under the 467-m guidelines, 25% of the project’s residential units (179 units) will be designated as affordable housing for individuals earning an average of 80% of area median income (AMI). In return, the project will benefit from a full property tax exemption on the residential component during construction and a 90% exemption for up to 35 years post-completion. 

Bushburg acquired the building in September 2024 with the vision of repositioning it as a mixed-use community hub, blending residential, office, and retail uses in a historically commercial corridor. Construction began in Q1 2025, with the first phase of apartments expected to be delivered in January 2026.

With lobby entrances on Pine St., Pearl St., and Maiden Ln., the building will offer a “building-within-a-building” experience, integrating residential and commercial uses while maintaining future flexibility for additional conversions. 80 Pine St. is poised to become one of the Financial District’s premier live-work destinations, offering luxury living, modern office accommodations, and retail all under one roof. 

This marks the fifth office-to-residential conversion deal arranged by Arrow Real Estate Advisors. Previous transactions include 300 East 42^nd St., 5 Hanover Sq., and two properties on 317 and 321 East 17^th StrSt.eet, solidifying the firm’s position as a leading advisor in the adaptive reuse space. 

“80 Pine is a trophy asset that is uniquely positioned and ripe to undergo a luxury residential conversion, which has already commenced. The Developer is impressively experienced and has achieved much success on many notable projects. We are proud to be a part of this project and look forward to its timely completion,” said Louis Lebovits, CEO of BridgeCity Capital.