Israeli businessman Idan Ofer and developer Nathan Berman are moving forward with plans to convert 101 Greenwich Street in Manhattan’s Financial District from an office building into residential units. According to a report by the Commercial Observer, Ofer’s Quantum Pacific Group and Berman’s Metro Loft Management have filed plans for a 614-unit conversion of the 26-story property. The partners acquired the building from BentallGreenOak (BGO) earlier this year for more than $100 million.
Quantum Pacific and Metro Loft did not provide comments on the planned project.
This is not the first collaboration between Ofer and Berman. Last November, they jointly purchased 767 Third Avenue for $88 million, marking Ofer’s initial investment in U.S. commercial real estate. That deal was supported by a $55 million loan from Bank Hapoalim, with intentions to also pursue a conversion at that site.
The conversion filing for 101 Greenwich was initially reported by PincusCo.
BGO previously bought the building in partnership with Cove Property Group and Multi-Employer Property Trust from Kushner Companies and CIM Group in 2016 for $225 million. Following that purchase, ownership invested approximately $70 million in renovations.
The 400,000-square-foot building has housed tenants such as Independence Point Advisors, Moment Technology, and Pro Shop Holdings, based on information from CompStak. In recent months, BGO filed a lawsuit against Convene, alleging that the flexible workspace provider owes $10.6 million after missing rent payments since February.
Nathan Berman remains active in office-to-residential conversions across New York City. Recently, Metro Loft and InterVest Capital Partners secured $779 million in financing for their conversion of 111 Wall Street—one of the largest such financing packages in city history.
Additional major conversion projects underway in the Financial District include developments at 25 Water Street by Metro Loft, as well as projects at 55 Broad Street and One Wall Street.
