David Werner Real Estate, Metro Loft Management and the Northwind Group are banding together for another office-to-residential conversion. Ran Eliasaf’s Northwind provided $90 million to David Werner and Metro Loft for a conversion of 675 Third Avenue in Midtown Manhattan, Bisnow reported. The financing covers the acquisition and predevelopment of the soon-to-be residential property. READ… Read more »
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Nathan Berman has found his next office conversion project on Third Avenue along with Israeli billionaire Idan Ofer — possibly the first of its type under the City of Yes. Berman’s Metro Loft Management partnered with Ofer’s Quantum Pacific on their $88 million purchase of the building at 767 Third Avenue from Sage Realty, The… Read more »
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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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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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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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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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Nathan Berman’s Metro Loft Management – the firm responsible for converting a number of the Financial District’s office towers into residential buildings – has his sights set on AIG’s headquarters for its next big project. Read the full story here
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Price matters. That’s the takeaway from a look at the 10 priciest residential sales of 2017. Like years past, the list was dominated by new developments. But 2017’s most expensive deals also included several resales with major price chops. Take the Pierre’s triplex penthouse that finally sold for $44 million after asking $125 million, and… Read more »
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