IPA Capital Markets Arranges Acquisition Loan for NYC’s Largest Resi Conversion

IPA Capital Markets, a division of Marcus & Millichap, secured $75 million in acquisition financing for the former Pfizer headquarters in New York City. Located at 219 E. 42nd St. in Midtown Manhattan, the property will be combined with the adjacent 235 E. 42nd St. and converted into a free-market, Class-A, luxury multifamily apartment building.

“When these two buildings are combined, it will add more than 800 units to the project totaling over 1,400 units, making it the largest office-to-residential conversion in New York City’s history,” said Max Herzog, IPA Capital Markets.

Herzog and IPA Capital Markets’ Marko Kazanjian, Andrew Cohen and Max Hulsh secured the financing with Northwind Group on behalf of David Werner Real Estate Investments and Metro Loft Management.

Herzog added, “The shortage of free-market multifamily units in Manhattan, coupled with David Werner’s acquisition of the property at a favorable basis and Metro Loft’s expertise in office-to-residential conversions helped our team generate significant interest from lenders in providing the acquisition bridge loan.”

Where is capital being sourced, and what risks are being taken in the current market? Learn from local and national finance leaders about how deals are getting done in the Tri-State Multifamily market. Don’t miss this opportunity at Connect Tri-State Multifamily on October 1 at Tishman Speyer’s Studio Gather, 45 Rockefeller Center.