Metro Loft Plans 1,500-unit Office-to-Resi Conversion of Pfizer's Former Midtown HQ

Metro Loft Management, under Nathan Berman's leadership, has proposed a substantial redevelopment project at Pfizer’s former headquarters located at 229 East 42nd Street and the adjacent building at 219 East 42nd Street in Manhattan’s Grand Central neighborhood.

Property Details

David Werner Real Estate Investments controls both properties. They acquired 229 East 42nd Street through a significant ground lease transaction and purchased 219 East 42nd Street outright in 2018.

Construction Timeline

According to a recent report by Crain’s, construction for the redevelopment is slated to commence in the upcoming summer months.

229 East 42nd Street Redevelopment

The larger component of the project involves converting the existing 33-story building at 229 East 42nd Street into a 37-story residential tower. The redevelopment will yield a total of 927 residential units and include retail space on the ground floor. The residential units will vary in number across floors, accommodating a total of 664,653 zoning square feet.

219 East 42nd Street Redevelopment

Simultaneously, Metro Loft Management plans to transform the 10-story building at 219 East 42nd Street into a 29-story residential and office complex. This building will house 536 residential units, along with ground-floor retail and upper-floor office spaces. The project aims to enhance the building’s height significantly, from 142 feet to 348 feet, offering residential amenities and a terrace on the top floor.

Partnership and Collaborations

Metro Loft Management frequently collaborates with notable real estate developers and investors such as Silverstein Properties, GFP Real Estate, and Vanbarton Group.

Project Filings

The redevelopment projects are filed under job numbers M01075133 and M01075131, detailing the comprehensive plans for each building's conversion and expansion. 

These ambitious redevelopment plans signify Metro Loft Management’s commitment to revitalizing these prime properties in Manhattan, aiming to contribute significantly to the residential and commercial landscape of the Grand Central neighborhood.