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

[NYguy]

https://www.costar.com/article/61233...ands-financing

Biggest Office-to-Residential Conversion in New York Lands Financing
Project Involving Former Pfizer Headquarters Is Expected to Total 1,600 Housing Units, Lender Northwind Says


https://costar.brightspotcdn.com/dim...235-costar.jpg


By Andria Cheng
August 23, 2024

New York’s biggest office-to-residential conversion project — involving the redevelopment of pharmaceutical giant Pfizer’s former headquarters near Grand Central Terminal — has taken a crucial step as it begins physical work.

[NYguy]

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.

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.

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.

Looks like Metro Loft will be doing a 3rd large conversion. This is all good news.



https://therealdeal.com/new-york/202...1-wall-street/

Nathan Berman, InterVest move forward with 111 Wall conversion
Developers planning 1,300 units for FiDi office tower


Sep 20, 2024
By Rich Bockmann

Nathan Berman and InterVest Capital Partners are moving forward with their plans to convert the office tower at 111 Wall Street in the Financial District into apartments.

Berman’s Metro Loft Management and InterVest signed an agreement to convert the 1.2 million-square-foot tower into 1,300 units, sources told The Real Deal. Construction is scheduled to start in the middle of 2025, with the rental units expected to begin coming online the following year.

Berman, meanwhile, is busy converting a number of large office buildings in Manhattan.

Among those projects are the former Pfizer headquarters in Midtown, to deliver roughly 1,500 rental apartments, and 25 Water Street in the Financial District, to deliver 1,300 units.

[Busy Bee]

111 Wall

The money to give it a brand new skin and then gut and convert should have just been saved to take it down and build something significantly larger.

[NYguy]

Originally Posted by Busy Bee

111 Wall

The money to give it a brand new skin and then gut and convert should have just been saved to take it down and build something significantly larger.

The office market is just that bad. I read somewhere that some of the money allocated to the redevelopment is now going towards the conversion to residential.

This was the plan for the office renovation:
https://www.111wall.com/wp-content/t.../eBrochure.pdf

[Busy Bee]

Nuts