Nathan Berman’s Metro Loft Management has filed plans with the Department of Buildings for a new residential project at 675 Third Avenue in Midtown Manhattan. The move comes less than six months after David Werner Real Estate Investments, Metro Loft’s partner on the project, acquired the site from the Durst Organization for $100 million.
The proposed conversion will create a 464-unit building, which is larger than earlier reports that suggested around 430 units. The development will cover 321,000 square feet and include retail space on the ground floor. Plans indicate that the property will rise to 35 stories, up from the previous office building’s 31 stories. The project is expected to utilize the city’s 467m tax abatement program.
Demolition work is currently underway at the site, with occupancy projected to begin in the second quarter of 2027. PincusCo was first to report on the Department of Buildings filing.
In April, Northwind Group provided David Werner with a $90 million loan for both acquisition and predevelopment activities at 675 Third Avenue. At the time of sale, about two-thirds of the existing 340,000-square-foot office building was occupied.
Metro Loft and David Werner have partnered before on large conversion projects in Manhattan. They are currently working together at 235 East 42nd Street to redevelop the former Pfizer headquarters into approximately 1,500 rental units. This represents New York City’s largest office-to-residential conversion.
Last month, construction at the Pfizer building experienced a temporary delay when smoke was reported at the site. According to Metro Loft, there was no fire; however, firefighters did respond as a precaution.
Construction on that project is expected to be completed by late 2027. The redeveloped property will offer both luxury rentals and affordable housing through participation in the city’s tax abatement program and will feature more than 100,000 square feet of amenities along with 30,000 square feet of retail space.
