JV Secures $65M for Manhattan Office-to-Resi Conversion
The century-old building has a history of different uses.
A joint venture between the The Feil Organization, the Nakash Family and private investor Lloyd Goldman has secured a $65 million construction loan from Deutsche Bank to convert a 14-story office building at 140 W. 57th St. in Midtown Manhattan into a luxury 47-unit luxury condominium.
The conversion is expected to begin this spring, with completion slated for the fourth quarter of 2026. Corcoran Sunshine will lead sales and marketing for the project.
Located between Sixth and Seventh avenues, 140 W. 57th St. was built in 1908 and was designated a city landmark by the New York City Landmarks Commission in 1999.
MdeAS Architects will oversee the conversion, which will preserve the neo-Gothic façade of tall, projecting bay windows set in cast-iron frames that had previously been restored. The lobby, entryway, elevators and common hallways will be upgraded as well.
Interiors will be designed by Stephen Sills & Associates and will blend modern designs with the building’s historic elements. Residences will have a mix of studios, one-, two- and three-bedroom condos ranging in size from 502 to more than 1,776 square feet. Unit interiors will feature wide plank wood flooring throughout and kitchens with custom cabinets and stone countertops. Community amenities will include a landscaped rooftop deck, indoor resident lounge and fitness center, as well as bike and tenant storage rooms.
Building History
The Feil Organization, a New York City-based real estate investment, management and development firm with more than 24 million square feet of space including more than 5,000 residential properties, acquired the building in October 2009 from Macklowe Properties for about $59 million, according to the New York Business Journal. The company had earlier plans to convert the 90,000-square-foot office building to a residential property, but those did not come to fruition. The Real Deal reported Feil put the vacant office building up for sale in 2018, marketing it as a potential residential conversion or boutique office renovation. Two years later, Feil brought on MdeAS Architects to begin its own residential conversion, the same source noted.
Known as The Beaufort, the building’s first uses were as studios and residences for artists. It was later had traditional office space before becoming a residential rental property in the 1940s. It transitioned back into an office building in the late 20th century but has been vacant in recent years.
Conversions Gain Steam
While office-to-residential conversions are growing in markets across the country, New York City led the United States with the largest number of planned units in the pipeline. A Rent Café report released in February noted 8,310 units were in the conversion pipeline in New York City, up 59 percent year-over-year. The same report highlighted that there were 168,500 units in various stages of conversion across the U.S. at the beginning of 2025. Of that number, 70,700 units were from office building conversions.
In late March, Yellowstone Real Estate Investments filed plans to convert a 26-story office building at 1730 Broadway into 422 residential units, according to various media reports. Yellowstone acquired the building, located between West 55th and West 56th streets, last year from Blackstone Group for $185.9 million.
Other sites slated for conversions include the Flatiron Building at 175 5th Ave., where a development team composed of GFP Real Estate, the Brodsky Organization and the Sorgente Group are planning to build out 60 residential condo units. Another adaptive reuse is planned at 235 E. 42nd St., the 33-story former Pfizer headquarters that David Werner Real Estate Investments and Metro Loft Management want to convert to 910 residential units. The team secured a $135 million loan for the redevelopment in January.
