Concerns of a collapse of the old Pfizer headquarters in Midtown Manhattan arose Tuesday morning after reports of falling bricks and buckling columns.
The FDNY was called to the scene at 235 East 42nd Street before 8 a.m., according to Fire Department officials. Officials discovered several sagging floors on the upper levels, as well as two support columns that were buckling.
The discoveries prompted the evacuation of construction workers at the office-to-residential conversion, led by David Werner and Nathan Berman’s Metro Loft Management. Gensler is the architect of the project, one of the largest conversions in the city.
Officials also evacuated seven nearby buildings amid reports that bricks were seen falling from the 21st floor, according to the FDNY. Both vehicle and pedestrian traffic were closed on East 42nd between Second and Third avenues.
“We are aware of what happened and are working closely with the Department of Buildings to understand the full scope of the situation,” a Metro Loft spokesperson said in a statement. “The safety of our workers and the public has always been, and remains, our top priority.”
David Werner did not immediately respond to requests for comment from The Real Deal, nor did Gensler. The FDNY and Department of Buildings are among the agencies responding to the scene and investigating; 130 firefighters were called to the scene, according to the department.
Last August, authorities responded to a suspected fire at the construction site. Work stopped while the fire department investigated the situation. Metro Loft said no fire actually occurred, but the New York Fire Department was called due to smoke coming from the construction site. No damage was reported and work resumed after a brief NYFD investigation.
The Midtown site is home to the largest office-to-resi conversion in New York City. Nathan Berman’s Metro Loft reached a deal in March 2024 to convert the former Pfizer headquarters into approximately 1,500 rental units.
Berman purchased a minority stake in the site from David Werner, who had bought the interests in the property five years earlier when Pfizer relocated to Tishman Speyer’s Spiral.
Werner owns the leasehold of the larger of the two buildings, the 33-story 235 East 42nd Street, after purchasing it for $407 million. He bought the smaller 10-story 219 East 42nd Street in partnership with life sciences developer Alexandria Real Estate Equities for $142 million before buying out the real estate investment trust.
The developers went through several rounds of financing for the massive undertaking. In May, the pair secured a $700 million construction loan from Madison Realty Capital, a record amount for a residential conversion project in New York.
Northwind Group provided a $75 million loan to the joint venture for the property at 219 East 42nd Street, which is also slated for redevelopment. The firm later supplied another $135 million for the site.
Construction is expected to wrap the last quarter of 2027. The combined property, which will host a mix of luxury rentals and affordable housing through the 467m tax abatement program, will include more than 100,000 square feet of amenities and 30,000 square feet of retail space.
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