TEI Group Repositions Elevators for Major NYC Conversion

TEI Group tells ELEVATOR WORLD it was contracted by Leeding Builders Group to reposition seven traction elevators — including four extension elevators — at 222 Broadway in Manhattan’s Financial District. The 31-story former Western Electric Building was completed in 1961 and is currently undergoing conversion of its 756,138 ft² into nearly 800 apartments, The Real Deal (TRD) was among outlets to report. In a December 12, 2024, piece, “Year of the Conversion: Top Project Filings of 2024,” TRD observed that NYC’s 222 Broadway is among the office-to-residential conversions taking four of the top five spots in its tally of the city’s biggest project filings of 2024. A deep discount, the source noted, was the catalyst that propelled Jeff Gural’s GFP Real Estate to partner with TPG Real Estate to buy the property in March 2024 for US$150 million, less than one-third of the price previously paid for it in 2014.