Latest news with #MetroLoft
New York Post
5 days ago
- Entertainment
- New York Post
Jake Gyllenhaal has sold his home in a star-studded NYC building for $14M in an off-market deal
Call it his next chapter. Jake Gyllenhaal, the Oscar-nominated actor who keeps surprising audiences with his range and depth of characters, has just sold his Tribeca home in a former book-binding factory for $14 million, according to city records. The off-market sale at 443 Greenwich St. was first reported by the Real Deal. Gyllenhaal recently portrayed Iago in a buzzy and extra-expensive 'Othello' on Broadway with Denzel Washington that priced out many theater lovers. 4 Jake Gyllenhaal is one of many A-listers who have called 443 Greenwich home. WireImage 4 The condo was crafted from a former book-binding factory — and quickly became home to celebs. Jack Berman The former factory, built in 1882, has been home over the years to a galaxy of stars. Past and present residents include Jennifer Lawrence, Justin Timberlake and Jessica Biel, Blake Lively and Ryan Reynolds, Harry Styles, Mike Myers and Meg Ryan. Renters in the building have included The Weeknd and his then-girlfriend, Bella Hadid. The edifice is presently home to Microsoft heiress Jennifer Gates, daughter of the billionaire Bill Gates and his ex-wife, Melinda Gates, as Gimme Shelter exclusively reported. Gates bought the penthouse for $51 million from Formula 1 driver Lewis Hamilton in 2023. Gyllenhaal's 2,868-square-foot, fifth-floor home opens with a large entry foyer and features three bedrooms, three baths and a chef's kitchen. He bought the unit for $8.6 million in 2017. Another apartment on the same floor is the only one currently on the market and in contract. It was last asking $13.3 million, according to StreetEasy. 4 The homes kept original building details, such as wooden beams, as seen in this rendering from its original marketing. HayesDavidson 4 The amenities on offer resemble those of a luxury resort. HayesDavidson The building's 53 units feature entry foyers with custom metal wall panels and 8-inch-wide white oak floors. Original details include Carolina yellow pine beams paired with mahogany windows, and antique bronze doors. The sale comes as the building's condo board is suing the developer, Nate Berman's Metro Loft and the architect, CetraRuddy, for $376 million, alleging breach of contract, alleged construction defects and code violations. Metro Loft and CetraRuddy have denied the allegations made in court filings. The case, filed in 2021, is ongoing.
Bloomberg
26-06-2025
- Business
- Bloomberg
NYC Casino Bidders Add Pledge for More Than 2,000 Apartments
New York real estate developer Silverstein Properties is promising to convert office buildings into 2,000 new apartments in a bid to win a coveted casino license in Manhattan. The sweetener adds to Silverstein's pitch to invest $7 billion in a major casino project on Manhattan's west side. The developer would work with Metro Loft to purchase and convert offices in the area into residences — 500 of which would be considered affordable — if Silverstein's project, called the Avenir, is awarded one of the casino licenses.
Yahoo
19-05-2025
- Business
- Yahoo
IPA Capital Markets Arranges $720 Million Loan for Office-to-Residential Conversion of Former Pfizer Headquarters
Largest Financing Ever Secured for an Office-to-Residential Conversion in New York City NEW YORK, May 19, 2025--(BUSINESS WIRE)--IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI) specializing in capital markets services for major private and institutional clients, announced today the closing of a $720 million loan to a joint venture between Metro Loft Developers and David Werner Real Estate Investments for the development and conversion of the former Pfizer headquarters consisting of two adjacent and connected office buildings. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of IPA Capital Markets, secured the financing with Madison Realty Capital. "By structuring flexible financing for the largest office-to-residential conversion in New York City's history, we are enabling a new benchmark for luxury rental housing in Midtown Manhattan," said Josh Zegen, managing principal and co-founder of Madison Realty Capital. "Metro Loft's track record executing complex office-to-residential conversions in New York City, combined with David Werner Real Estate Investments' deep experience with high-profile, institutional assets, makes them an ideal sponsorship team for a project of this scale." "David Werner Real Estate Investments and Metro Loft put together a best-in-class conversion project that enabled our IPA Capital Markets team to facilitate a competitive financing process," said Herzog. "Madison Realty Capital demonstrated professionalism from the outset and executed flawlessly resulting in a smooth and efficient closing. Once completed, this office-to-residential conversion will set a new standard for conversions, helping to meet the demand for Class A multifamily housing in New York City." Nathan Berman, founder and chief executive officer of Metro Loft, added, "We're thrilled to reach this major milestone in bringing our vision for this transformative development to life. We are grateful to our partners at David Werner Real Estate Investments and to our lenders at Madison Realty Capital for their confidence and commitment." Upon completion, the property will total 1,602 luxury rental apartments, 25% of which will be designated affordable under New York City's Affordable Housing from Commercial Conversions Tax Incentive Benefits program. It will also include over 100,000 square feet of amenities and approximately 30,000 square feet of ground-floor retail space. Across both buildings, residences will feature high-end finishes such as custom built-in kitchens with premium appliances, stone countertops, bespoke bathrooms with deep soaking tubs, in-unit washer/dryers, and integrated smart-home technology. "We are proud to collaborate with Metro Loft, a valued partner, on the transformation of the former Pfizer headquarters, a project that reflects our shared vision and commitment to revitalizing iconic New York real estate," said David Werner, president of David Werner Real Estate Investments. "It was a pleasure to close a loan with Madison Realty Capital. They are an accurate and efficient lender, while providing flexibility where needed and the surety of execution. Their proactive involvement and professional coordination were instrumental in achieving our objectives. I am deeply appreciative of the entire team at Madison Realty Capital, and I look forward to working with them again in the near future." Located at 219 and 235 East 42nd Street in the Midtown East neighborhood of Manhattan, the property will be converted into a state-of-the-art multifamily building. Construction of the property is currently underway and is expected to be completed by the fourth quarter of 2027. Fried Frank, led by Mike Werner, represented the borrower and Kriss & Feuerstein, led by Jerry Feuerstein, represented the lender. About IPA Capital Markets IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit About Madison Realty Capital Madison Realty Capital is a vertically integrated private equity firm focused on US-based commercial real estate private credit strategies. As of December 31, 2024, the firm, including its controlled affiliates (collectively, "Madison"), manages $22.1 billion in assets on behalf of a global institutional investor base. Since 2004, Madison has completed over $53.7 billion of securities and non-securities real estate transactions largely through direct lending to a wide range of borrowers, acquiring non-performing loans and making preferred equity investments. Madison Realty Capital seeks to deliver value across every phase of the property lifecycle by providing customized financing solutions and strong underwriting capabilities that meet borrowers' unique needs with speed and certainty of execution. To learn more, follow Madison Realty Capital on LinkedIn and visit About Metro Loft Metro Loft Management, LLC is a vertically integrated real estate development and management company founded in 1997 by Nathan Berman, who continues to serve as the managing principal. As a pioneer in the residential development of Lower Manhattan, Metro Loft has spent the past two decades redeveloping some of the most iconic buildings in downtown New York City, including landmarks such as 443 Greenwich St., 20 Exchange Place and 63 Wall St. Metro Loft is responsible for the acquisition, development and management of some of the most notable condominium and rental buildings in Lower Manhattan. Our reputation as a leading commercial-to-residential development firm is built upon our approach and vision to preserve the details that make each property unique and to elevate them through modern design and amenities. About David Werner Real Estate Investments David Werner Real Estate Investments, based in New York City and led by industry veteran David Werner, boasts over four decades of successful investment in commercial real estate. With extensive experience across office and residential sectors, the firm is recognized for its ownership and strategic management of some of New York City's iconic properties. View source version on Contacts Media Contacts For IPA Capital Markets:Gina Relva, VP of Public For Madison Realty Capital:Nathaniel Garnick/Grace CartwrightGasthalter & Co.(212) 257-4170madisonrealty@
Business Wire
19-05-2025
- Business
- Business Wire
IPA Capital Markets Arranges $720 Million Loan for Office-to-Residential Conversion of Former Pfizer Headquarters
NEW YORK--(BUSINESS WIRE)-- IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI) specializing in capital markets services for major private and institutional clients, announced today the closing of a $720 million loan to a joint venture between Metro Loft Developers and David Werner Real Estate Investments for the development and conversion of the former Pfizer headquarters consisting of two adjacent and connected office buildings. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of IPA Capital Markets, secured the financing with Madison Realty Capital. Largest Financing Ever Secured for an Office-to-Residential Conversion in New York City Share 'By structuring flexible financing for the largest office-to-residential conversion in New York City's history, we are enabling a new benchmark for luxury rental housing in Midtown Manhattan,' said Josh Zegen, managing principal and co-founder of Madison Realty Capital. 'Metro Loft's track record executing complex office-to-residential conversions in New York City, combined with David Werner Real Estate Investments' deep experience with high-profile, institutional assets, makes them an ideal sponsorship team for a project of this scale.' 'David Werner Real Estate Investments and Metro Loft put together a best-in-class conversion project that enabled our IPA Capital Markets team to facilitate a competitive financing process,' said Herzog. 'Madison Realty Capital demonstrated professionalism from the outset and executed flawlessly resulting in a smooth and efficient closing. Once completed, this office-to-residential conversion will set a new standard for conversions, helping to meet the demand for Class A multifamily housing in New York City.' Nathan Berman, founder and chief executive officer of Metro Loft, added, 'We're thrilled to reach this major milestone in bringing our vision for this transformative development to life. We are grateful to our partners at David Werner Real Estate Investments and to our lenders at Madison Realty Capital for their confidence and commitment.' Upon completion, the property will total 1,602 luxury rental apartments, 25% of which will be designated affordable under New York City's Affordable Housing from Commercial Conversions Tax Incentive Benefits program. It will also include over 100,000 square feet of amenities and approximately 30,000 square feet of ground-floor retail space. Across both buildings, residences will feature high-end finishes such as custom built-in kitchens with premium appliances, stone countertops, bespoke bathrooms with deep soaking tubs, in-unit washer/dryers, and integrated smart-home technology. 'We are proud to collaborate with Metro Loft, a valued partner, on the transformation of the former Pfizer headquarters, a project that reflects our shared vision and commitment to revitalizing iconic New York real estate,' said David Werner, president of David Werner Real Estate Investments. 'It was a pleasure to close a loan with Madison Realty Capital. They are an accurate and efficient lender, while providing flexibility where needed and the surety of execution. Their proactive involvement and professional coordination were instrumental in achieving our objectives. I am deeply appreciative of the entire team at Madison Realty Capital, and I look forward to working with them again in the near future.' Located at 219 and 235 East 42nd Street in the Midtown East neighborhood of Manhattan, the property will be converted into a state-of-the-art multifamily building. Construction of the property is currently underway and is expected to be completed by the fourth quarter of 2027. Fried Frank, led by Mike Werner, represented the borrower and Kriss & Feuerstein, led by Jerry Feuerstein, represented the lender. About IPA Capital Markets IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit About Madison Realty Capital Madison Realty Capital is a vertically integrated private equity firm focused on US-based commercial real estate private credit strategies. As of December 31, 2024, the firm, including its controlled affiliates (collectively, 'Madison'), manages $22.1 billion in assets on behalf of a global institutional investor base. Since 2004, Madison has completed over $53.7 billion of securities and non-securities real estate transactions largely through direct lending to a wide range of borrowers, acquiring non-performing loans and making preferred equity investments. Madison Realty Capital seeks to deliver value across every phase of the property lifecycle by providing customized financing solutions and strong underwriting capabilities that meet borrowers' unique needs with speed and certainty of execution. To learn more, follow Madison Realty Capital on LinkedIn and visit About Metro Loft Metro Loft Management, LLC is a vertically integrated real estate development and management company founded in 1997 by Nathan Berman, who continues to serve as the managing principal. As a pioneer in the residential development of Lower Manhattan, Metro Loft has spent the past two decades redeveloping some of the most iconic buildings in downtown New York City, including landmarks such as 443 Greenwich St., 20 Exchange Place and 63 Wall St. Metro Loft is responsible for the acquisition, development and management of some of the most notable condominium and rental buildings in Lower Manhattan. Our reputation as a leading commercial-to-residential development firm is built upon our approach and vision to preserve the details that make each property unique and to elevate them through modern design and amenities. About David Werner Real Estate Investments David Werner Real Estate Investments, based in New York City and led by industry veteran David Werner, boasts over four decades of successful investment in commercial real estate. With extensive experience across office and residential sectors, the firm is recognized for its ownership and strategic management of some of New York City's iconic properties.
Yahoo
19-05-2025
- Business
- Yahoo
Madison Realty Capital Originates $720 Million Loan for Office-to-Residential Conversion of Former Pfizer Headquarters
Largest Financing Ever Secured for an Office-to-Residential Conversion in New York City NEW YORK, May 19, 2025 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on real estate private credit, today announced that it has originated a $720 million loan to a joint-venture between Metro Loft Developers and David Werner Real Estate Investments for the development and conversion of the former Pfizer headquarters consisting of two adjacent and connected office buildings. Located at 219 and 235 East 42nd Street in the Midtown East neighborhood of Manhattan, the property will be converted into a 1,602-unit state-of-the-art multifamily building. Construction of the property is currently underway and is expected to be completed by the fourth quarter of 2027. 'By structuring flexible financing for the largest office-to-residential conversion in New York City's history, we are enabling a new benchmark for luxury rental housing in Midtown Manhattan,' said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. 'Metro Loft's track record executing complex office-to-residential conversions in New York City, combined with David Werner Real Estate Investments' deep experience with high-profile, institutional assets, makes them an ideal sponsorship team for a project of this scale.' Nathan Berman, Founder and Chief Executive Officer of Metro Loft, added, 'We're thrilled to reach this major milestone in bringing our vision for this transformative development to life. We are grateful to our partners at David Werner Real Estate Investments and to our lenders at Madison Realty Capital for their confidence and commitment.' Upon completion, the property will total 1,602 luxury rental apartments, 25% of which will be designated affordable under New York City's Affordable Housing from Commercial Conversions Tax Incentive Benefits program. It will also include over 100,000 square feet of amenities and approximately 30,000 square feet of ground-floor retail space. Across both buildings, residences will feature high-end finishes such as custom built-in kitchens with premium appliances, stone countertops, bespoke bathrooms with deep soaking tubs, in-unit washer/dryers, and integrated smart-home technology. 'We are proud to collaborate with Metro Loft, a valued partner, on the transformation of the former Pfizer headquarters, a project that reflects our shared vision and commitment to revitalizing iconic New York real estate', said David Werner, President of David Werner Real Estate Investments. 'It was a pleasure to close a loan with Madison Realty Capital. They are an accurate and efficient lender, while providing flexibility where needed and the surety of execution. Their proactive involvement and professional coordination were instrumental in achieving our objectives. I am deeply appreciative of the entire team at Madison Realty Capital, and I look forward to working with them again in the near future.' Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI) specializing in capital markets services for major private and institutional clients, secured the financing with Madison Realty Capital. 'David Werner Real Estate Investments and Metro Loft put together a best-in-class conversion project that enabled our IPA Capital Markets team to facilitate a competitive financing process,' said Herzog. 'Madison Realty Capital demonstrated professionalism from the outset and executed flawlessly, resulting in a smooth and efficient closing. Once completed, this office-to-residential conversion will set a new standard for conversions, helping to meet the demand for Class A multifamily housing in New York City.' Located in Midtown East, the property is situated in one of Manhattan's most sought-after office neighborhoods, surrounded by a high concentration of Class A office space that fuels strong demand for high-quality rental housing. With over 350 feet of frontage along 42nd Street, one of Midtown's most prominent thoroughfares, the site offers unparalleled visibility and access. The property is within close proximity to major transit hubs, including Grand Central Terminal, and is conveniently positioned near leading business centers, luxury retail, fine dining, and cultural destinations. Fried Frank, led by Mike Werner, represented the borrower and Kriss & Feuerstein, led by Jerry Feuerstein, represented the lender. About Madison Realty Capital Madison Realty Capital is a vertically integrated private equity firm focused on US-based commercial real estate private credit strategies. As of December 31, 2024, the firm, including its controlled affiliates (collectively, 'Madison'), manages $22.1 billion in assets on behalf of a global institutional investor base. Since 2004, Madison has completed over $53.7 billion of securities and non-securities real estate transactions largely through direct lending to a wide range of borrowers, acquiring non-performing loans and making preferred equity investments. Madison Realty Capital seeks to deliver value across every phase of the property lifecycle by providing customized financing solutions and strong underwriting capabilities that meet borrowers' unique needs with speed and certainty of execution. To learn more, follow Madison Realty Capital on LinkedIn and visit About Metro LoftMetro Loft Management, LLC is a vertically integrated real estate development and management company founded in 1997 by Nathan Berman, who continues to serve as the managing principal. As a pioneer in the residential development of Lower Manhattan, Metro Loft has spent the past two decades redeveloping some of the most iconic buildings in downtown New York City, including landmarks such as 443 Greenwich St., 20 Exchange Place and 63 Wall St. Metro Loft is responsible for the acquisition, development and management of some of the most notable condominium and rental buildings in Lower Manhattan. Our reputation as a leading commercial-to-residential development firm is built upon our approach and vision to preserve the details that make each property unique and to elevate them through modern design and amenities. About David Werner Real Estate InvestmentsDavid Werner Real Estate Investments, based in New York City and led by industry veteran David Werner, boasts over four decades of successful investment in commercial real estate. With extensive experience across office and residential sectors, the firm is recognized for its ownership and strategic management of some of New York City's iconic properties. About IPA Capital Markets IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit Media ContactsFor Madison Realty Capital:Nathaniel Garnick/Grace CartwrightGasthalter & Co.(212) 257-4170madisonrealty@ For IPA Capital Markets: Gina Relva, VP of Public in to access your portfolio
