Metro Loft Developers Undertakes Major Office-to-Residential Conversion
Real Estate Project | May 19, 2025 | Fried Frank
Fried Frank has provided legal counsel to a joint venture between Metro Loft Developers and David Werner Real Estate Investments for their ambitious conversion of the former Pfizer headquarters in Midtown East, Manhattan. The endeavor, financed by a $720 million construction loan from Madison Realty Capital, aims to transform the site at 219 and 235 East 42nd Street into a multifamily building comprising 1,602 units. Upon completion, it is expected to be the largest office-to-residential conversion in the United States. The legal team from Fried Frank was led by real estate partner Michael J. Werner and included associates Julian Henry and Loren Naftali, as well as law clerk Maddie Dorfman.
Sectors
- Real Estate
- Legal Services
- Financial Services
Geography
- United States – The conversion project is located in Manhattan, New York, making it relevant to U.S. real estate development.
- New York – Specifically based in the Midtown East neighborhood of Manhattan, the project's geography is crucial to its development and real estate dynamics.
Industry
- Real Estate – The project involves the conversion of office buildings into residential units, a prominent activity in the real estate sector.
- Legal Services – Fried Frank, a law firm, provided legal counsel, highlighting the involvement of legal services in real estate transactions.
- Financial Services – Madison Realty Capital's role in originating the $720 million construction loan places the financial services industry at the core of this investment.
Financials
- 720000000 – The amount of the construction loan provided by Madison Realty Capital.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Metro Loft Developers | Borrower/Developer | Company | A real estate development firm involved in the conversion of office buildings. |
| David Werner Real Estate Investments | Borrower/Developer | Company | A real estate investment company participating in the joint venture for the project. |
| Madison Realty Capital | Lender | Company | Provided the $720 million construction loan for the conversion project. |
| Fried Frank | Legal Advisor | Company | Provided legal counsel for the conversion project. |
| Michael J. Werner | Lead Real Estate Partner | Person | Led the Fried Frank legal team as the real estate partner. |
| Julian Henry | Real Estate Associate | Person | Part of the Fried Frank legal team involved in the project. |
| Loren Naftali | Real Estate Associate | Person | Another associate on the Fried Frank legal team. |
| Maddie Dorfman | Real Estate Law Clerk | Person | Clerk on the Fried Frank legal team. |