Metro Loft, David Werner Detail Next Conversion at 675 Third

Nathan Berman is cooking up his next office-to-residential conversion, taking his prodigious spirit to Third Avenue.

Metro Loft Management filed plans with the Department of Buildings for a residential project at 675 Third Avenue in Midtown Manhattan, Crain’s reported. It’s a significant sign of progress coming less than six months after Metro Loft’s partner in the project, David Werner Real Estate Investments, acquired the site from the Durst Organization for $100 million.

The conversion plans call for a 464-unit building — more expansive than previous reports of roughly 430 units — spanning 321,000 square feet, including retail space on the ground floor. The property would be slightly taller than the office building that stood on the site, leaping from 31 to 35 stories. The development is expected to utilize the 467m tax abatement program.

Demolition work is underway at the site, and occupancy is expected to begin in the second quarter of 2027.

The DOB filing was first reported by PincusCo.

In April, Ron Eliasaf’s Northwind Group handed Werner a $90 million loan for the acquisition and predevelopment of 675 Third. The 340,000-square-foot office building was roughly two-thirds occupied at the time of sale.

Berman’s firm is one of the conversion kings of Manhattan and Werner is a frequent ally in his projects. The two are partners at 235 East 42nd Street, where they are redeveloping the former Pfizer headquarters into 1,500 rental units, representing the largest office-to-residential conversion in New York City.

The project ran into a brief stumble last month when smoke billowed out of the construction site, briefly sidelining workers. Metro Loft said there was no actual fire, but the New York Fire Department did respond to the scene.

Construction at the Pfizer building is expected to wrap the last quarter of 2027. The property, which will feature a mix of luxury rentals and affordable housing through 467m, will include more than 100,000 square feet of amenities and 30,000 square feet of retail space.

— Holden Walter-Warner