A Stanley Kubrick movie about the year in New York City development might be called “How Developers Learned to Stop Worrying and Love Conversions.” In TRD Data’s tally of the biggest project filings of 2024, office-to-residential conversions took four of the top five spots. The trend, fueled by an office glut and housing shortage, may… Read more »
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Metro Loft Management and David Werner Real Estate Investments have acquired full control of the ground lease for the Grand Central office building at 235 East 42nd Street for $18 million, in a deal that places the building’s value at $45 million, according to city records. The final ownership stake for the Midtown building —… Read more »
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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… Read more »
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Construction has reached its peak on 25 Water Street, a significant project in Manhattan’s Financial District. The endeavor involves converting a 22-story office building into a 32-story residential complex, marking a remarkable transformation. The project, undertaken by CetraRuddy architects and spearheaded by GFP Real Estate, Metro Loft Management, and Rockwood Capital, includes adding ten stories… Read more »
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There’s been plenty of chatter around office-to-residential conversions in New York, but also questions about who is actually pulling it off. The Real Deal crunched the data to find all the properties scheduled for such overhauls. TRD‘s analysis of alteration permits filed between 2022-2023 revealed the five biggest office-to-residential projects. Here’s a look. Read the… Read more »
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Silverstein Properties and Metro Loft Management finally closed on their acquisition of 55 Broad Street from the Rudin family as the developers embark on one of the largest office-to-residential conversions in New York City history. Read the full story here.
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Over the past quarter century Nathan Berman has developed a savant-like mastery of a peculiar trade in New York City property development: converting out-of-fashion office buildings into residential towers. Berman, now 63, a child of Holocaust survivors, emigrated with his family from Ukraine when he was 14, and took a meandering path to real estate.… Read more »
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In the lobby of a downtown Manhattan tower, Nathan Berman pauses to admire the marble walls and terrazzo floors. A real estate developer, he has a taste for old-world detail, like the fur lining in his navy overcoat, accented with a polka-dot scarf. It’s rush hour in the heart of Wall Street, and Berman’s at… Read more »
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The three partners planning a 1,300-unit conversion of 25 Water Street closed the $536 million loan that’s been in the works for months. Michael Dell’s MSD Partners and Apollo Commercial Real Estate Finance provided the loan for the acquisition and redevelopment of the Financial District property, Newmark announced Thursday. Read the full story here.
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Rudin Management handed off a Financial District building after nearly 60 years, selling the 30-story office property to a pair of developers. Silverstein Properties and Metro Loft Management teamed up to buy 55 Broad Street for roughly $180 million, the Commercial Observer reported. The landlords have inked a contract, but the closing date remains unclear.… Read more »
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