Posted Jun 26, 2024, 9:14 PM
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![NYguy's Avatar](image.php?u=167&dateline=1333454802) |
New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,719
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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
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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.
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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.
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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.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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