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 in the development, purchased the site from the Durst Organization for $100 million.
According to Crain’s, the proposed building will include 464 residential units and retail space on the ground floor. This figure is higher than earlier reports that estimated about 430 units. The building is planned to rise to 35 stories, four more than the previous office structure on the site. The development will use benefits from the city’s 467m tax abatement program.
Demolition at 675 Third Avenue has already started, and occupancy is projected for the second quarter of 2027. PincusCo was first to report on Metro Loft’s filing with city officials.
In April, Northwind Group provided David Werner with a $90 million loan to finance both acquisition and predevelopment activities at the property. At the time of sale, roughly two-thirds of the existing 340,000-square-foot office building was occupied.
Metro Loft and David Werner are also collaborating on another major conversion at 235 East 42nd Street, redeveloping what was once Pfizer’s headquarters into approximately 1,500 rental units. This project is considered New York City’s largest office-to-residential conversion to date.
The redevelopment faced a minor setback last month when smoke emerged from its construction site, causing a temporary pause in work. “Metro Loft said there was no actual fire, but the New York Fire Department did respond to the scene.”
Completion of construction at the former Pfizer building is expected by late 2027. Plans call for luxury rentals as well as affordable housing supported by tax incentives under program 467m. Amenities will span over 100,000 square feet with an additional 30,000 square feet dedicated to retail space.
