Commercial Observer reported that Metro Loft and David Werner have secured a $720 million loan from Madison Realty Capital to transform Pfizer's former Manhattan headquarters into New York City's largest office-to-residential conversion, creating 1,602 rental apartments across two buildings. The redevelopment of 219 and 235 East 42nd Street is already underway with completion expected in 2027, featuring 25% affordable units under NYC's Affordable Housing program and over 100,000 square feet of amenity space. Upon completion, this landmark project will surpass Metro Loft's 1,300-unit development at 25 Water Street, establishing a new benchmark for luxury rental housing in Midtown Manhattan.

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