Madison Realty Capital has originated a $720 million loan to a joint venture between Metro Loft Developers and David Werner Real Estate Investments for the development and conversion of the former Pfizer headquarters consisting of two adjacent and connected office buildings.
Located at 219 and 235 East 42nd Street in the Midtown East neighborhood of Manhattan, the property will be converted into a 1,602-unit state-of-the-art multifamily building. Construction of the property is currently under way and is expected to be completed by the fourth quarter 2027.
The property is situated in one of Manhattan’s most sought-after office neighborhoods, surrounded by a high concentration of class A office space that fuels strong demand for high-quality rental housing. With more than 350 feet of frontage along 42nd Street, one of Midtown’s most prominent thoroughfares, the site offers unparalleled visibility and access. The property is within close proximity to major transit hu
