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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As the Manhattan sales market continues to slow, developers in the area are seeing a growth in the luxury rental space, and are following through by building rental properties that have condo-level amenities and activities that go beyond a wine and cheese hour. Read the full story here.
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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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New developments across the city are repurposing the opulent spaces where New Yorkers once deposited their savings. The fate of the soaring, palatial and utterly impractical Dime Savings Bank in Downtown Brooklyn was inevitable. The 16,750-square-foot, 40-foot-tall chamber, with seven kinds of marble flooring, a vaulted-tile dome and Corinthian columns, closed in 2016, a victim… Read more »
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Once a part of the New York Stock Exchange, 20 Broad, in New York City’s Financial District, has been reimagined by architecture firm Cetra Ruddy into luxury residences. The design of the 533-unit, 29-story building gives nods to the midcentury modern style popular at the time it was built in 1956 and features desirable amenities from… Read more »
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Construction is wrapping up at Metro Loft Developers’ 20 Broad Street office-to-residential conversion in the Financial District. The 1956 tower served as the New York Stock Exchange headquarters before the recent conversion and expansion into a residential rental building. CetraRuddy has led the renovation of the 29-story tower, which will offer 533 units ranging from… Read more »
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Downtown developers are transforming three former financial buildings into luxury condos that cater to the Wall Street crowd — quite literally — with vaults repurposed as swanky speakeasies, wine cellars and game rooms. Read the full story here.
READ MOREA little over a year after the former headquarters of the New York Stock Exchange were cleared for a luxury conversion, leasing is now underway on the 29-story building’s 533 rentals. The conversion was undertaken by MetroLoft Developers, which roped in CetraRuddy to reimagine the interiors of this large Financial District building. Read the full story… Read more »
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The recently completed office-to-residential conversion of 180 Water Street has officially leased 95% of its residential units. Located in the Financial District, the Metro Loft-developed property only has 25 vacant apartments remaining. 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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A luxury condo and magnet for celebrity buyers in Tribeca has upped the prices of its few remaining units—even as price cuts dominate the rest of New York City’s luxury market. Read the full story here.
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