IPA Capital Markets, a division of Marcus & Millichap, secured a $720 million loan for a joint venture between Metro Loft Developers and David Werner Real Estate Investments. The financing is for the development and conversion of the former Pfizer headquarters in Midtown East, Manhattan.
This project represents the largest office-to-residential conversion in New York City's history. Upon completion, the property will be transformed into a 1,602-unit state-of-the-art multifamily building, with 25% of units designated as affordable.
The conversion will also include over 100,000 square feet of amenities and approximately 30,000 square feet of ground-floor retail space. This significant transaction highlights IPA Capital Markets' capability in facilitating competitive financing processes for transformative developments, setting a new standard for conversions in New York City.
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