NEW YORK | 235 East 42nd Street (Pfizer) | FT | FLOORS

[tdawg]

Happy to see the focus on redeveloping East Midtown. Right now it still feels so sterile and devoid of any character, especially the area east of Lexington between 34th and 57th.

[NYguy]

https://www.instagram.com/p/B39xt63HXtY/

[NYguy]

Looks like they’re sticking with the plan for now…


https://therealdeal.com/new-york/202...ce-renovation/


Former Pfizer HQ may get life-science renovation
Pharma giant’s lease set to expire at 219 East 42nd Street


By Orion Jones
Research by Christian Bautist
July 26, 2023

Alexandria Real Estate Equities, the California-based, publicly traded REIT and owner of 219 East 42nd Street, disclosed to investors on Tuesday that it may seek to attract life science tenants to the nearly vacant building following Pfizer’s exodus to Hudson Yards in 2018.

The building “may be developed or redeveloped into laboratory space,” according to a public filing from the company, which did not immediately respond to a request for comment.

When Alexandria bought the building for $142 million, Pfizer agreed to a five-year leaseback, giving the pharma giant time to relocate Tishman Speyer’s Spiral office building at 66 Hudson Boulevard, and giving the REIT time to mull how to use the building.

With Pfizer’s leaseback set to expire in about a year — the most immediate turnover among Alexandria’s 20 biggest tenants — the REIT is looking to capitalize on demand for life-science space, which surged during the pandemic while providing barriers to working from home that have helped stabilize property values.

[Crawford]

I hope, if they go with a lab tower, it's a total rebuild or replacement. The current tower sucks, and this site demands something taller, nicer and more prominent.

[NYguy]

Originally Posted by Crawford

I hope, if they go with a lab tower, it's a total rebuild or replacement. The current tower sucks, and this site demands something taller, nicer and more prominent.

Yeah, hopefully they will go with a full redevelopment.

[NYguy]

This is good news…


https://www.bisnow.com/national/news...izer-hq-122646

Alexandria To Push Ahead With Asset Sales, Starting With Former Pfizer HQ


January 30, 2024

On the heels of a challenging year for life sciences, Alexandria Real Estate Equities is pushing forward with plans to sell some of its properties, the continuation of a strategy that has helped the firm narrow its focus on its so-called megacampuses and the revenue they generate.

Alexandria will continue its extensive property sales and asset recycling program, which yielded $1.4B in 2023 as well as $461M in total impairment charges. Among the sales will be a 42nd Street asset in New York City, acquired in 2018 and leased to Pfizer through mid-2024, Chairman Joel Marcus said during the company’s Q4 earnings call Tuesday.

https://finance.yahoo.com/news/q4-20...104536009.html

Joel S. Marcus

…..And finally, before I turn it over to Peter to comment on a range of critical issues. I want to comment on the sale of our 42nd Street asset in New York City, leased to Pfizer through midyear 2024. They previously vacated and moved their headquarters to another site in New York City. We made a strategic decision not to go forward with the contemplated redevelopment of that building to in part to state and local to challenging state and local governmental policies.

We also had a somewhat similar but not on the scale reaction back a number of years ago and our successful reduction in our footprint in the city of San Francisco. We have created and grown the commercial life science lab space market in New York City. When we delivered our East Tower and our ACLS mega campus back in 2010, there were only essentially 2 companies of any significance that we're doing commercial life science research in New York City, many academics but no -- virtually no commercial.

Today, there are over 100, but New York City, the life science market there remains here 14 years later, still a small start-up market. And we believe that by focusing on our ACLS New York City mega campus. That's the best way for us to continue to be successful. And we have taken this disciplined action out of an abundance of prudence.

Marc E. Binda

….. The New York project Joel mentioned was acquired in 2018 as a covered land project with a leaseback and in-place cash flows. But in the fourth quarter, we elected not to proceed with the conversion project and this is now under contract and expected to be sold next year.

[NYguy]

https://therealdeal.com/new-york/202...-at-pfizer-hq/

Nathan Berman plots largest office-to-resi conversion with former Pfizer HQ
MetroLoft teaming up with David Werner on 1,500 rentals


MAR 14, 2024
By Rich Bockmann

Nathan Berman is already working on the city’s largest office-to-residential conversion, and now he’s planning on topping it.

Berman’s Metro Loft Management has struck a deal to convert the former Pfizer headquarters in Midtown to roughly 1,500 rental apartments, sources told The Real Deal. That would surpass the 1,300 units Berman is working to convert at 25 Water Street in the Financial District.

Berman is in contract to buy a little less than 50 percent stake in the buildings at 219-235 East 42nd Street from investor David Werner, who purchased interests in the properties five years ago when the pharmaceutical giant was relocating its offices to Tishman Speyer’s Spiral office tower.

Werner also owns its smaller neighbor, the 10-story 219 East 42nd Street, in a partnership with the life sciences developer Alexandria Real Estate Equities. The partners purchased the building in 2018 for $142 million and had planned to renovate it for life-sciences tenants, but Werner late last year signed a deal to buy the property from the REIT.

Berman’s Metro Loft is working to convert the 1.1 million-square foot 25 Water Street in the Financial District with Jeff Gural’s GFP Real Estate and Rockwood Capital.

Gural’s GFP also went into contract this week to buy 222 Broadway, also in the Financial District, which can be converted into 600 to 800 units.

[ChiND]

Unfortunately, I doubt that they will reclad these eyesores. Didn’t this group do a conversion on a 1960s building on Broad St and leave its tired facade in tact.

[NYguy]

Originally Posted by ChiND

Unfortunately, I doubt that they will reclad these eyesores. Didn’t this group do a conversion on a 1960s building on Broad St and leave its tired facade in tact.

Don't remember, but the plans for the 25 Water Street conversion, while not spectacular, look a lot better than the office version...


https://www.bldup.com/posts/interior...-in-us-history






https://nypost.com/2023/04/26/why-on...coming-condos/

[NYguy]

https://www.crainsnewyork.com/real-e...-begins-summer

Former Pfizer HQ apartment conversion to kick off this summer





C. J. HUGHES
June 24, 2024

[ChiND]

It’s a shame that we’re stuck with those crappy buildings.

[NYguy]

While I would like to see a new tower developed here, I do like the idea of new life being breathed into the area.


https://www.6sqft.com/pfizer-hq-midt...00-apartments/

Pfizer’s former Midtown HQ to become 1,500 apartments


By Aaron Ginsburg
June 26, 2024

The former Midtown headquarters of pharmaceutical company Pfizer is poised to become New York City’s largest office-to-residential conversion. As Crain’s New York first reported, the vacant two-building complex at 219 and 235 East 42nd Street will become a 1,500-unit rental property. Metro Loft Developers, the team behind other large residential conversions, including 55 Broad Street in the Financial District, is leading the conversion. The project will not contain any affordable housing units, according to the developer.

The two-building property measures 973,000 square feet, making it an ideal opportunity for a substantial residential conversion. Additionally, the two sites have unused air rights, allowing Metro Loft and partner David Werner Real Estate to add floors.

Metro Loft and Werner plan to build more than 1,500 residences, ranging from studios to three-bedrooms, with leasing slated for 2026 and move-ins in 2027, Nathan Berman, chief executive of project lead at Metro Loft, told Crain’s.

Still, many alterations are needed to convert the building into apartments. At the moment, none of the windows in the buildings can open, a common design feature in office buildings. However, local housing codes require that apartments have at least one operable window.

The developers plan to replace all 2,000 windows across the two buildings. The project will also involve removing the facade and installing more energy-efficient outer walls, which differs from the common trend of residential conversions that usually preserve the original facade.

Construction financing is still in the works, with the process expected to begin in the coming months. Demolition is slated to begin in a few weeks.

The Pfizer conversion project is one of many office-to-residential conversions happening across the city. In April 2023, construction wrapped up on One Wall Street, the former headquarters of the Irving Trust Company that is now a 566-unit residential tower.

Other projects include converting 55 Broad Street in the Financial District into 571 market-rate apartments, also developed by Metro Loft with Silverstein Properties, the historic McGraw-Hill Building in Hell’s Kitchen into 224 luxury rental apartments, and the Pearl House at 160 Water Street, a former 1970s-era office building now home to 588 apartments.

[Crawford]

It looks like they'll at least add floors. And I imagine they'll have a new facade.

[NYguy]

^ Posted above:

The developers plan to replace all 2,000 windows across the two buildings. The project will also involve removing the facade and installing more energy-efficient outer walls, which differs from the common trend of residential conversions that usually preserve the original facade.

• Video Link

[ChiND]

I hope that it’s a completely new facade. Mere window replacements often still look like crap.

[NYguy]

[mrnyc]

the water st window fix is amazing and the addition is an impressive sight.

btw they continue working on it non stop like gangbusters, try to stop down there sometime its fun to watch.

no doubt this will be similar — new facade + addition.

of course water st has a high quality brick facade to work with and this one is crap, so we’ll see, but anything they do will be quite an improvement.

[NYguy]

They haven't filed for anything so far other than the interior demolition that needs to be done.



https://www.gettyimages.com/detail/n...?adppopup=true