Manhattan Office-to-Residential Project Receives $218M
This is the second time the developers have partnered for a conversion project in New York City.
Quantum Pacific and MetroLoft have received $218 million in financing for the latest office-to-residential conversion in Manhattan’s Financial District. The partners are redeveloping 101 Greenwich St., a century-old 27-story, 400,000-square-foot office building into a 614-unit apartment community.
Newmark arranged the construction and redevelopment debt package, provided by Apollo Global Management.
Quantum Pacific acquired the asset in February 2025 for more than $100 million from Multi-Employer Property Trust and BGO, according to Yardi Matrix information. MEPT and BGO took ownership of 101 Greenwich in 2016 for $221 million and renovated the property a year later, the same source shows.
Financing for the redevelopment came a month after the project was approved for a $60 million alteration permit. The permit, approved on Dec. 24, 2025, includes exterior alterations, mechanical and plumbing work for the residential conversion, as well as window replacements.
101 Greenwich St. came online in two phases in 1907 and 1927, Yardi Matrix shows. Located in Lower Manhattan, 101 Greenwich St. is near the Rector Street and Wall Street subway stations, with access to the R, W, 4 and 5 subway lines. The New York Stock Exchange, One World Trade Center and Battery Park are less than half a mile away.
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Newmark Co-President of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Christopher Kramer and Associate Director Holden Witkoff arranged the financing on behalf of the owner.
Other MetroLoft conversions
MetroLoft has worked on similar projects in the Manhattan area. In one of the market’s record financing deals, MetroLoft and InterVest Capital Partners received $867 million in financing for a nearby conversion at 111 Wall St. The project will include a 5-story overbuild with 1,568 units.
In Quantum Pacific’s first U.S. commercial real estate investment, the company also partnered with MetroLoft. The partnership is converting 767 Third Ave. to 337 apartments and 46,000 square feet of commercial space. Quantum purchased the property for $88 million, the New York Business Journal reported.
Also in New York City, a joint venture between Namdar Realty Group and Empire Capital Holdings received a $93.5 million construction loan for the redevelopment of 830 Third Ave. The partnership is converting a 13-story office building to a residential community with 188 apartments.
