David Werner

Despite his status as one of New York City’s preeminent real estate investors, David Werner largely shuns the spotlight. Good luck finding a website dedicated to his firm – or even a picture of him.

Nevertheless, his importance in the market is as powerful as ever, showing no signs of slowing down in his 70s. He’s particularly invested in the office-to-residential conversion pipeline unfolding across New York, a risky proposition as developers still try to discern if people want to live in former workspaces and whether or not the math actually pencils out.

In the spring of 2025, Werner acquired 675 Third Avenue from the Durst Organization for $100 million. Nathan Berman’s Metro Loft Management is partnering with Werner on a 464-unit conversion expected to be completed in the second quarter of 2027.

The two are also partners at 235 East 42nd Street, where they are redeveloping the former Pfizer headquarters into 1,500 rental units, representing one of the largest office-to-residential conversions in New York City yet.

It’s not just conversions for Werner, who is also hunting for more traditional office deals. Over the summer, he paid $100 million — in cash — for 440 Ninth Avenue in Hudson Yards, easily less than half what sellers Taconic Investment Partners and Nuveen Real Estate paid for the property seven years prior.