At a glance
Firm: Broad Street Development, LLC Founders & principals: Raymond Chalmé (Chief Executive Officer) and Daniel Blanco (Chief Operating Officer & Managing Partner) Founded: 2004 (New York City) Headquarters: New York, NY (80 Broad Street) Focus: Acquisition, repositioning, and conversion — office repositioning and office-to-residential and condominium conversion, with select ground-up development, across Manhattan Portfolio scale: A boutique, privately held operator; reported acquisitions in excess of $1.5 billion since founding Signature reputation: A disciplined converter that takes older office and rental buildings and re-imagines them as full-service condominiums, with a clean building-quality record on its residential work Source: The Roebling Team at Compass — verified against public records, court filings, and published reporting. July 2026.
Who Broad Street Development is
Broad Street Development is the privately held firm of Raymond Chalmé and Daniel Blanco, who founded the company in 2004 and have run it as a focused, boutique operator ever since. Chalmé serves as CEO and Blanco as COO and managing partner, overseeing acquisitions, financing, leasing, asset management, and construction. Both came to the firm with two decades of institutional real estate experience, and the company they built reflects that background: it is a repositioning and conversion specialist rather than a high-volume ground-up developer.
For a buyer, the defining trait is scale and discipline. Broad Street is not a household-name mega-developer; it is a smaller firm that buys well-located but under-optimized buildings — aging office towers, dated rental stock, an old institutional building — and reworks them into modern, full-service product. On the residential side, that has meant a small, carefully chosen set of condominium conversions across the Upper East Side and Greenwich Village.
What they build
Broad Street's core discipline is repositioning and conversion. On the commercial side, the firm has a long track record of buying Financial District and Midtown office buildings, raising occupancy and quality, and — increasingly — converting obsolete office space to residential rental, including a major active office-to-residential conversion of the Maritime Exchange Building at 80 Broad Street. That commercial-to-residential competence is the through-line of the firm's identity.
On the condominium side, the pattern is adaptive reuse at boutique-to-mid scale: take an existing building with good bones or a good location, gut and modernize it, and deliver full-service condominium homes rather than ground-up new construction. The residential work ranges from a large converted rental tower on the Upper East Side to a landmarked nineteenth-century schoolhouse in the South Village — three very different buildings that share a single logic of thoughtful reuse.
Buildings by Broad Street Development
Broad Street Development projects already profiled on this site:
- 1438 Third Avenue (Maison East) — a 1985 Upper East Side rental tower that Broad Street gut-converted to condominiums in 2006–2007, delivering new elevators, a new lobby, full window replacement, and larger, high-finish combined homes
- 184 Thompson Street — a full-service condominium at the SoHo edge of the South Village, converted to condominium ownership in 2006, with lobby and retail work by The DeRosa Group
- 215 Sullivan Street (209 Sullivan Street) — Broad Street's celebrated conversion of an 1892 Calvert Vaux schoolhouse (the former Children's Aid Society Philip Coltoff Center) into 25 boutique residences behind a restored Victorian Gothic facade, completed in 2014 with Rawlings Architects
Track record and market performance
Broad Street's residential record is a specialist's record: a small number of conversions, each executed to a clear thesis, in three of Manhattan's most durable submarkets.
Maison East demonstrated the firm's core competence — converting a large 1980s rental tower into condominium homes with a genuinely upgraded common infrastructure, marketed on the quiet, well-finished result of a full window replacement and a rebuilt lobby and elevator program. 184 Thompson Street delivered a full-service condominium of studios and one-bedrooms in one of the most sought-after stretches of downtown, at a scale accessible to a broad buyer pool. And 215 Sullivan Street is the firm's most distinctive achievement: a Calvert Vaux–designed schoolhouse — Vaux was co-designer of Central Park and Prospect Park — restored and re-imagined into 25 lofts, penthouses, and townhouses, a piece of genuine architectural lineage that almost no new-construction condominium can claim. Each building trades in an established, liquid location, which supports resale.
Reputation and what a buyer should know
On residential build quality, Broad Street Development's completed condominiums have a clean record. Across all three profiled buildings — Maison East, 184 Thompson, and 215 Sullivan — we found no corroborated construction-defect litigation and no documented pattern of homeowner or condo-board building-quality complaints (facade, water intrusion, mechanical, or structural). For a converter, that is the signal a buyer should care about most: the physical product held up.
The one piece of litigation that appears in the public record at these buildings is financial and accounting in nature, not a construction defect. At 184 Thompson Street, the condominium's board pursued the sponsor over an offering-plan reserve-fund and capital-replacement-credit question — a Martin Act / plan-accounting matter governing how much the sponsor was required to contribute to reserves. An appellate court largely resolved the matter in the sponsor's favor, and claims against the individuals behind the sponsor were dismissed. This is a governance-and-money dispute of a kind that appears in many conversions; it does not allege physical defects in the building, and it should not be read as one.
For a buyer, standard conversion diligence applies with no red flag specific to this sponsor: read the offering plan, confirm the reserve fund and any sponsor-contribution history, review lien and title status, and — because these are conversions of older buildings — pay ordinary attention to the age and condition of building systems and the facade-inspection (Local Law) history that comes with any pre-existing structure.
The Roebling Team on Broad Street Development buildings
We publish developer profiles because a buyer choosing a new-construction or recently-converted condominium is, in part, betting on the developer — its quality, its staying power, and its record when things go wrong. The Roebling Team at Compass tracks the sponsors behind Manhattan's luxury inventory building by building, and we bring that context to every transaction: what the developer has built, how those buildings have held value, and what to verify before you sign.
If you're evaluating a Broad Street Development building — or weighing it against another sponsor's product — a 30-minute consultation is the right starting point.
Corey Cohen, Principal · The Roebling Team at Compass 646.939.7375 · c.cohen@compass.com
This developer profile reflects publicly available information — including NYC public records, court filings, and published reporting — and The Roebling Team's transaction experience. It is provided for research purposes and is not legal advice; nothing here alleges wrongdoing or building defects beyond what the cited public record supports. The Roebling Team at Compass does not represent Broad Street Development. © 2026 The Roebling Team at Compass.