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The House of Morgan
New York Daily News   Eric Herman  May 2003

A downtown building that once symbolized capitalism has a residential future.

Boymelgreen Developers and Africa Israel Investments have reached a deal to buy 15 Broad Street, a 39-story office tower also known as 23 Wall Street, from J.P. Morgan Chase.

“We’ll have condos on the upper floors and rentals on the lower floors,” said Asi Cymbal, an executive with Brooklyn-based Boymelgreen.

Chase decided to sell 15 Broad - once home of the Morgan finance empire - after the city nixed plans to build a facility for the New York Stock Exchange on the site. The city was to pay $220 million. While Cymbal would not disclose the current price, he said the buyers would spend $300 million on the purchase and conversion.

Boymelgreen, led by Shaya Boymelgreen, has a track record in residential conversion. Among other projects, it converted a former Daily News printing plant in Brooklyn into high-end condos. The first five floors of 15 Broad will remain office space, Cymbal said, with Newmark & Co. hired to market it.