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Metro Loft Developers, David Werner Real Estate Investments JV secure $720m for office-to-residential conversion
Transactions - MAY 21, 2025

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Metro Loft Developers, David Werner Real Estate Investments JV secure $720m for office-to-residential conversion

by Denise Moose

A joint venture between Metro Loft Developers and David Werner Real Estate Investments has secured a $720 million loan for the development and conversion of the former Pfizer headquarters consisting of two adjacent and connected office buildings. IPA Capital Markets secured the financing with Madison Realty Capital.

“By structuring flexible financing for the largest office-to-residential conversion in New York City's history, we are enabling a new benchmark for luxury rental housing in Midtown Manhattan,” said Josh Zegen, managing principal and co-founder at Madison Realty Capital. “Metro Loft’s track record executing complex office-to-residential conversions in New York City, combined with David Werner Real Estate Investments’ deep experience with high-profile institutional assets, makes them an ideal sponsorship team for a project of this scale.”

The property will be converted into a state-of-the-art multifamily building, located at 219 and 235 East 42nd

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