JV Lands $94M for Manhattan Office-to-Resi Conversion
Deutsche Bank provided the financing.
A joint venture between Namdar Realty Group and Empire Capital Holdings has secured a $93.5 million construction loan for the office-to-residential conversion of 830 Third Ave., in Midtown Manhattan. Deutsche Bank issued the financing in a transaction arranged by Institutional Property Advisors’ Capital Markets division.
The conversion will transform 139,980 rentable square feet of office space and 7,121 square feet of ground-floor retail space into 188 apartments. The unit mix will comprise 124 studios, 60 one-bedrooms and four two-bedrooms. The project will come online with the help of New York State’s 467-m affordable housing office-to-residential conversion tax incentive program.
The partnership purchased the property in 2022 from DWS Asset Management. Completed in 1958 and renovated in 1994, the property rises 13 stories, featuring floorplans ranging from 8,200 to 12,300 square feet, according to Yardi Matrix information. The first three stories are connected by an indoor staircase.
IPA Senior Managing Director Marko Kazanjian and Executive Managing Director Max Herzog, together with Senior Directors Max Hulsh and Andrew Cohen, arranged the financing on behalf of the partnership.
NYC’s largest office-to-resi projects
One of the largest office-to-residential conversions in New York City is 55 Broad St., a 1950s-completed, 30-story property which was repurposed into a 571-unit luxury community. Metro Loft and Silverstein Properties worked with architecture firm CetraRuddy to develop the residential project that came online in 2025.
Another noteworthy development of this kind is the conversion of Pfizer’s former headquarters and an adjoining building in Manhattan—located at 235 and 219 E. 42nd St.— into a 1,602-unit multifamily property. The ownership, a partnership between Metro Loft Developers and David Werner Real Estate Investments, secured a $720 million loan for the project in the largest financing deal for an office-to-residential development in New York City as of May 2025.
