A suspected fire at the former Pfizer headquarters in Manhattan, currently under construction for a residential conversion, prompted a response from authorities. The incident occurred at 235 East 42nd Street, where Nathan Berman’s Metro Loft and David Werner are working on the largest office-to-residential conversion in New York City. The construction site was temporarily halted, with hundreds of workers waiting on the sidewalk, while the fire department investigated the situation.
According to eyewitness accounts and videos, smoke was seen coming from the construction site, leading to the New York Fire Department being called. However, no actual fire was found, and no damage was reported. Work resumed after a brief investigation, with the construction crew member stating that work was halted for about 20 minutes.
The conversion project aims to transform the former Pfizer headquarters into approximately 1,500 rental units, including a mix of luxury rentals and affordable housing through the 467a tax abatement program. The developers have secured significant financing for the project, including a record $700 million construction loan from Madison Realty Capital in May. Additionally, Northwind Group provided a $75 million loan for the property at 219 East 42nd Street and a further $135 million in January.
The combined property will feature over 100,000 square feet of amenities and 30,000 square feet of retail space. Construction is expected to be completed by the last quarter of 2027. Nathan Berman’s Metro Loft and David Werner’s joint venture have been working on the project, with Werner owning the leasehold of the larger building and having purchased the smaller building in partnership with Alexandria Real Estate Equities before buying out the real estate investment trust.
The project has been making progress, with the developers navigating several rounds of financing to bring the massive undertaking to fruition. The conversion of the former Pfizer headquarters is a significant undertaking, and its completion is anticipated to bring a new wave of residential units to the Midtown area. With the project’s expected completion date and the significant financing secured, the developers are on track to deliver a unique and extensive residential offering in Manhattan.