S3 Capital has originated a $102 million construction loan for 311 W. 43rd St., a 15-story, 168,299-gross-square-foot office building planned for an office-to-residential conversion. The transaction marks S3 Capital’s first office-to-residential conversion, following years of careful evaluation.
Located on 43rd Street between Eighth and Ninth avenues in Midtown West, the property will be converted into a mixed-use building comprising 160 residential rental units and 39,712 rentable square feet of commercial space. The commercial space has already been leased to three tenants through 2036.
The project is led by sponsor Hershy Silberstein, alongside general contractor Bluesky Builders. Together, they have successfully delivered thousands of units. S3 Capital has financed numerous prior projects with the sponsor and/or contractor.
“We’ve underwritten many office-to-residen
