NEW YORK CITY — David Werner Real Estate Investments and Metro Loft Management have secured $75 million in acquisition financing for the former Pfizer headquarters in Midtown Manhattan. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), arranged the financing through Northwind Group.
The new ownership will convert the 10-story office building, which is situated at 219 E 42nd St., into an apartment community by combining it with the adjacent property at 235 E 42nd St. Once completed, the development will comprise 660 units across 29 stories and 540,000 square feet. Apartments will come in studio, one-, two- and three-bedroom floor plans.
Alexandria Real Estate Equities bought the former Pfizer headquarters building in 2018. The pharmaceutical giant has since relocated to The Spiral, Tishman Speyer’s 2.8 million-square-foot building in the Hudson Yards district.