Marcus & Millichap Inc. Secures $720 Million Loan for Historic Office-to-Residential Conversion of Former Pfizer Headquarters in NYC

Reuters

2025/05/20

Marcus & Millichap Inc. Secures $720 Million Loan for Historic Office-to-Residential Conversion of Former Pfizer Headquarters in NYC

Marcus & Millichap Inc.'s IPA Capital Markets has successfully arranged a $720 million loan for the conversion of the former Pfizer headquarters in New York City, marking the largest financing ever secured for such a project in the city. The loan, facilitated for a joint venture between Metro Loft Developers and David Werner Real Estate Investments, is intended for the transformation of two connected office buildings into a state-of-the-art multifamily residential complex. Madison Realty Capital provided the financing, and construction is already underway at the Midtown East location, with completion expected by the fourth quarter of 2027. This project aims to set a new standard for office-to-residential conversions, addressing the demand for Class A multifamily housing in New York City.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Marcus & Millichap Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20250519556813) on May 19, 2025, and is solely responsible for the information contained therein.

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Secures $720 Million Loan for Historic Office-to-Residential Conversion of Former Pfizer Headquarters in NYC\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-05-20 06:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\" xmlns:newsg2=\"http://iptc.org/std/nar/2006-10-01/\" xmlns:xhtml=\"http://www.w3.org/1999/xhtml\"><head><title>\n      Marcus &amp; Millichap Inc. 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Secures $720 Million Loan for Historic Office-to-Residential Conversion of Former Pfizer Headquarters in NYC\n    \n\n        Marcus & Millichap Inc.'s IPA Capital Markets has successfully arranged a $720 million loan for the conversion of the former Pfizer headquarters in New York City, marking the largest financing ever secured for such a project in the city. The loan, facilitated for a joint venture between Metro Loft Developers and David Werner Real Estate Investments, is intended for the transformation of two connected office buildings into a state-of-the-art multifamily residential complex. Madison Realty Capital provided the financing, and construction is already underway at the Midtown East location, with completion expected by the fourth quarter of 2027. 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