**JV Acquires Midtown South Office Building for First Major Residential Conversion Under NYC’s New Plan**
Marty Burger of Infinite Global Real Estate Partners and Andrew Heiberger of Buttonwood Development, in collaboration with 400 Capital Management LLC, have acquired 29 West 35th Street in Manhattan. The transaction marks the first major office-to-residential conversion under New York City’s newly launched Midtown South Mixed-Use Plan. The redevelopment will transform the existing office and retail property into 107 boutique studio apartments.
Financing for the conversion was provided by Allegiant and 400 Capital Management, with additional equity participation from David Levinson of L&L Holding and Terracotta Management. The project aims to serve as a model for Midtown South’s transformation, repurposing obsolete office buildings into much-needed housing stock.
“New York City is home to some of the world’s most beautiful and iconic structures, many of which have outlived their original commercial purpose but possess incredible architectural character that deserves preservation,” said Marty Burger. “Rather than tearing these buildings down, we have an incredible opportunity to breathe new life into them as homes for New Yorkers.”
The $25 million sale of the 71,180-square-foot property was arranged by a Colliers team led by Zach Redding, Dylan Kane, and Matt Mastrocola. Ben Schlegel of Ariel Property Advisors represented the joint venture on the debt side, while Richard Stanton represented lender Allegiant.
Industry professionals will further explore adaptive reuse strategies, distressed property outlooks, and New York’s evolving multifamily market dynamics at the upcoming Connect New York Apartments Investment & Finance conference on October 23. The event will also offer insights on navigating policy shifts, sourcing capital, and identifying new investment opportunities in today’s complex real estate landscape.
