A joint venture between affiliates of Nathan Berman's Metro Loft Management and David Werner Real Estate Investments (DWREI) have secured a $75 million senior mortgage acquisition predevelopment loan secured by 219 E. 42nd St., the former Pfizer headquarters in Midtown Manhattan. The nine-story building is planned to be converted and redeveloped into a 29-story class A multifamily rental property with up to approximately 660 units.
Northwind Group provided the loan.
Combined with the conversion of the adjacent vacant property at 235 E. 42nd St. (also controlled by Metro Loft and DWREI), the property will be part of the largest conversion project in New York City history.
