David Werner, Metro Loft land $90M for latest office-to-resi

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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Year of the conversion: Top project filings of 2024

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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Largest Office-to-Resi Conversion Project in US History Tops Out in FiDi

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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GFP, Metro Loft’s 25 Water Street leads pack of NYC’s largest office-to-resi conversions

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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