Newmark Arranges $191.5 Million Construction Financing from Derby Lane for Residential Conversion of Historic 40 Exchange Place in New York City

February 3, 2026 9:00 AM

Newmark announces the Company has facilitated $191.5 million in construction financing for the transformative redevelopment of 40 Exchange Place, a landmark 20-story building located in the heart of New York City’s Financial District. Newmark Co-President of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Chris Kramer secured the financing on behalf of owner GFP Real Estate, with support from Associate Director Tim Polglase. The funds were provided by Derby Lane, a leading alternative asset manager focused on capital solutions within real estate credit.

Originally home to the New York Stock Exchange, 40 Exchange Place will be converted into a premier residential property offering 382 multifamily units, including a mix of fair market and affordable housing, alongside ground floor retail and a full suite of tenant amenities. The conversion will be supported by federal and state Historic Rehabilitation Tax Credits, as well as a 35-year 467-m tax abatement upon completion, providing substantial long-term economic and community benefits.

The project marks GFP’s third residential repositioning in Lower Manhattan, building on the firm’s recent delivery of 25 Water Street and ongoing conversion of 222 Broadway. This latest conversion reinforces the continued momentum behind FiDi’s evolution into a vibrant, 24/7 live-work neighborhood.

According to Newmark Research, 15.5 million square feet of office properties in Manhattan have either commenced conversion or are currently planned for such a project, following another 3.9 million square feet of converted properties that have already opened for occupancy.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2025, Newmark generated revenues of over $3.1 billion. As of September 30, 2025, Newmark and its business partners together operated from approximately 170 offices with over 8,500 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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