IPA Capital Markets, a division of Marcus & Millichap, has successfully secured $75 million in acquisition financing for the former Pfizer headquarters in New York City. The property, located at 219 E. 42nd St. in Midtown Manhattan, will be combined with the adjacent building at 235 E. 42nd St., and transformed into a high-end multifamily apartment complex.
According to Max Herzog of IPA Capital Markets, this project will result in over 800 new units and become the largest office-to-residential conversion ever seen in New York City’s history.
Herzog worked alongside Marko Kazanjian, Andrew Cohen and Max Hulsh from IPA Capital Markets to secure the financing from Northwind Group on behalf of David Werner Real Estate Investments and Metro Loft Management.
“The demand for luxury apartments is high in Manhattan,” said Herzog. “With David Werner’s strategic acquisition of this property at an advantageous price point and Metro Loft’s expertise in converting offices into residential spaces, our team was able to attract significant interest from lenders for this bridge loan.”
This news was originally reported by Connect CRE.
