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 »
READ MORE
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 »
READ MORE
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 »
READ MORE
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 »
READ MORE
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 »
READ MORE
He’s been called the King of FiDi with over 2200 apartments under his management. The founder and principal of Metro Loft Management, Nathan Berman specializes in transforming landmark office buildings into luxury rentals. He recently acquired the leasehold for 20 Broad Street, the former New York Stock Exchange building, and plans to convert it to white-glove rental… Read more »
READ MORENathan Berman’s Metro Loft has found a buyer for its $54 million penthouse at 443 Greenwich Street in Tribeca. The triplex was put under contract last week, according to Olshan Realty’s weekly market report, which said the ultra-luxe condo was one of 28 contracts signed at $4 million and up. Read the full story… Read more »
READ MOREPlans for the conversion of the former New York Stock Exchange (NYSE) building at 20 Broad Street have now been unveiled, The Real Deal reports. Development firm, Metro Loft Management intends to convert the office building into 521 luxury rental apartments with five floors of retail. In addition, the developer will also add six stories to the… Read more »
READ MORENew details have emerged on Nathan Berman’s purchase of the leasehold at the former New York Stock Exchange building at 20 Broad Street in the Financial District, including the lenders and the final price: $185 million. Read the full story here.
READ MORE
Nathan Berman’s Metro Loft rental conversion company has closed on the purchase of the long-term leasehold of the former New York Stock Exchange offices at 20 Broad Street. The price was $185 million. Deutsche Bank is the lender while the Vanbarton Group has provided preferred equity. Read the full story here.
READ MOREMetro Loft Management’s book bindery-turned-condos at 443 Greenwich Street in Tribeca will be crowned with a $53 million penthouse. Read the full story here.
READ MORE
Sitting last week in his spacious 11th-floor office at 20 Exchange Place, one of his more recent downtown office-to-residential conversions, Nathan Berman had reason to be happy. Read the full story here.
READ MORE
The lovely Art Deco skyscraper at 70 Pine Street has had as rough a few years as its former owner. The Financial District tower was acquired by AIG in 1976, then losses in the economic crisis led AIG to its infamous $183 billion dollar bailout. To recoup some of that money, the company had to… Read more »
READ MORE
JOHN STREET, a narrow sliver that runs just eight blocks from Broadway to the South Street Seaport, has been the site of a large number of the office-to-residential conversions in the financial district. Now, one of its last remaining office towers has been tapped to become a rental building. Read the full story here.
READ MORE