Nothing is Stopping Office-to-Resi Conversions in NYC

July’s scare at the former Pfizer building in Midtown Manhattan did little to dull the movement behind office-to-residential conversion projects in New York City. In fact, this week showed that those redevelopments are continuing to forge a path towards more housing in the city.

Ran Eliasaf’s Northwind Group provided a $219 million construction loan for 100 Wall Street, a 29-story, 463,000-square-foot Financial District office building that is being partially converted into apartments by Lloyd Goldman’s BLDG Management and David Werner Real Estate Investments.

The joint venture plans to convert floors 2 through 11 into 168 rental apartments; floors 15 through 29 will stay as office space. Amenities for the residential portion will include a pool, fitness center, sports simulator, theater and rooftop deck with an outdoor kitchen.

The loan is an expansion of an earlier $95 million predevelopment loan Northwind provided for the project.

“I think the city is in dire need of additional housing, and this is a great way to deliver that with a mix of affordable and free market in good buildings, good locations with good sponsors,” Eliasaf said.

Around the same time the loan was reported, George Soros put the 140,000-square-foot Argonaut building at the corner of Broadway and West 57th Street up for sale, The Real Deal learned. The billionaire investor’s Soros Fund Management is eyeing a price tag of about $100 million for the landmarked property.

An offering memo from Newmark pitches the property, built in 1909, as “a rare opportunity to reposition an irreplaceable, [New York City]-landmarked asset into best-in-class residences in one of Manhattan’s most desirable and supply-constrained submarkets.”

Translation: Come convert it!

Manhattan’s office market is in the best leasing shape it’s been in since the pandemic, but Covid exposed the fragility of the sector. Converters are going to keep exploiting it as the city tries to turn around an acute housing shortage.

It’s (almost) officially fall, so it’s time to get out those cozy sweaters, retire to a cabin in the woods and cuddle up with a digest of this week’s biggest New York real estate news.

After alleged default, Chetrit Org maintains ownership of 404 Fifth Avenue

The Chetrit Organization faced foreclosure threats on 404 Fifth Avenue last year.

The firm purchased its own debt at a discount and then won a foreclosure sale against its own entity, successfully maintaining ownership of the Midtown office building.

Tishman Speyer selling $135M Soho office for quick profit

Tishman Speyer is in contract to sell 148 Lafayette Street to Shorenstein Properties for approximately $135 million, a 30 percent markup over the $105.5 million it paid 16 months ago.

During its brief ownership, Tishman expanded its largest tenant, General Catalyst, and renewed two floor-wide leases to AI firm Graphite.

The 12-story, 155,000-square-foot Soho building is 100 percent leased.

Hotel Bossert to become Brooklyn’s first branded condo

Marriott International and SomeraRoad are transforming the historic Hotel Bossert in Brooklyn Heights into the 50th standalone Ritz-Carlton Residences.

The 14-story project will feature luxury condos with Ritz-Carlton services, a ground-floor restaurant by Danny Meyer’s Union Square Hospitality Group and sales managed by Serhant New Development.

SomeraRoad purchased the long-delayed property last year for $100 million following years of development limbo and foreclosure proceedings involving the Chetrit Group.

Pam Liebman urges Corcoran agents to pull listings from StreetEasy

And finally, Corcoran CEO Pamela Liebman offered agents a $1,000 advertising budget per listing to remove homes from StreetEasy and promote them through alternative channels.

“This is our moment,” Liebman said in a recording obtained by TRD. “If we win this battle, we win the war. If we lose this battle, we will be at the mercy of this portal for now and forever.”

The campaign follows recent policy updates by StreetEasy targeting Compass-affiliated brokerages, intensifying an ongoing battle over listing control and market dominance in New York City.

While leadership is heavily funding the push, agents note that sellers retain the ultimate decision, and StreetEasy remains a primary platform for local homebuyers and renters.