MetroLoft Buys Next Office Conversion Target: The N.Y. Deal Sheet
Less than a week after one of Nathan Berman’s office-to-residential conversions threatened to collapse, his firm, MetroLoft Management, has closed on its next project.
MetroLoft and Quantum Pacific Group sealed the deal with LoanCore Capital, paying $104.5M for the 322K SF office tower at 1 Whitehall St., PincusCo reported.
An entity associated with Apollo Global Advisors provided MetroLoft and Quantum Pacific with a $72.5M acquisition loan.
The Whitehall Street office previously belonged to the Chetrit Organization, which had defaulted on a $156M note secured against the property in December, Crain’s New York Business reported.
Chetrit had stopped making mortgage payments at the property in mid-2023. LoanCore foreclosed on the property in October 2024, but legal proceedings were complicated by the 2025 death of the family firm’s co-principal, Jacob Chetrit.
After winning possession of the office tower, LoanCore entered into contract to sell the building in April this year, The Real Deal previously reported.
The sale closed just days after another MetroLoft project in Manhattan wound up under intense scrutiny and potential criminal investigation.
Last Tuesday, steel support columns inside MetroLoft and David Werner’s conversion of the former Pfizer headquarters buckled, prompting the New York City Fire Department to close 10 surrounding neighborhood blocks and bringing renewed attention to the challenges and risks of conversion projects.
TOP SALES
An entity affiliated with Metropolitan Realty Group acquired a four-property Hamilton Heights portfolio for $45M, Crain’s New York Business reported. The seller was an entity named Hudson View III Associates. The property addresses are 1704 Amsterdam Ave., 504 W. 145th St., 520 W. 145th St. and 524 W. 145 St. The buildings were all built between 1910 and 1930 and contain roughly 140 units in total.
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NYU Langone Hospitals acquired, and intends to occupy, a 14K SF Sunset Park office condo at 6025 Sixth Ave. from Jun’s Construction for $29.5M, PincusCo reported.
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Nuveen acquired a six-property, 119-unit Crown Heights portfolio from Metropolitan Realty Group and Gary Podell for $57M, PincusCo reported. The properties include a 31-unit building at 1690 Union St., a 20-unit building at 1715 Union St. and a 20-unit building at 1703 Union St. Lument provided a $36.7M acquisition loan to Nuveen.
TOP LEASES
Hospitality and experiential venue operator Glasshouse signed a 66K SF lease at 3 World Trade Center. The 30-year deal involved a unique three-party structure among Glasshouse, Unibail-Rodamco-Westfield and the Port Authority of New York and New Jersey, according to a release. The venue will occupy part of the ground floor as well as the second and third floors, overlooking the Oculus, Perelman Performing Arts Center and 9/11 Memorial Reflecting Pool. CBRE’s Chris Mansfield, Anthony Dattoma and Zachary Weil represented the tenant. URW represented itself.
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The U.S. Department of War is opening a Long Island outpost, according to a release. The agency signed a 10-year, 24K SF lease at DBD Realty Group’s 320K SF, five-story 1 Old Country Road office building in Carle Place, Nassau County. The agency is expected to take occupancy in early 2027. Lee & Associates NYC’s Kelly Koukou represented the landlord. CBRE’s Ralph Guiffre, Vince Lamatta and Richard Freel represented the tenant.
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Consumer products and fashion platform Orly leased 20K SF at JLA Home’s 20 W. 33rd St. for a 10-year term, Commercial Observer reported. Orly-Corp., which manages a portfolio of more than 20 brands including Lucky Brand and Nine West, is currently headquartered at 15 W. 34th St. and expects to move into its new, larger office early next year. Asking rents were $55 per SF. Lincoln Property Co.’s Jeffrey Rosenblatt and Christina De Jesus represented the landlord. LSL Advisors’ Wayne Siegel, Daniel Lolai and Zach Sarraf represented Orly.
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NBCUniversal renewed its 224K SF lease at Rockefeller Group’s 1221 Sixth Ave., Commercial Observer reported, citing a CBRE Q2 office report. The broadcaster has been in its space at the 51-story tower since 2012.
TOP FINANCING
Beitel Group refinanced a 710-unit Mott Haven apartment tower at 355 Exterior St. with a $298.4M loan from Barings, PincusCo reported. The financing replaced a prior $305M loan from Slate Property Group.
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The Chetrit Group refinanced a Maspeth warehouse at 57-18 Flushing Ave. with an $80M loan from Maxim Capital Group and SL Green, The Real Deal reported. The three-year financing replaced a 2021 loan from UBS Bank. The Chetrits have owned the 588K SF property since 1994 and also got a $50M mortgage for it from Maxim in 2020.
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BDT & MSD Partners loaned $220M to Raizel Feder to refinance three Long Island City development properties, PincusCo reported. The properties include 44-02 Vernon Blvd. and 44-00 Vernon Blvd. The financing replaces a prior $165M sum from the same lender.
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Hudson Cos. and Related Cos. refinanced two residential Roosevelt Island buildings with a $185M loan from Wells Fargo and Roosevelt Island Operating Corp., PincusCo reported. The two rental properties, at 430 Main St. and 480 Main St., contain a total of 571 units.
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Selfhelp Realty Group and NRP Group netted a $139.5M construction loan from the NYC Housing Development Corp. to develop a 229-unit Morrisania apartment building, PincusCo reported. The building that will eventually be at 3728 Park Ave. will span 18 stories, including 15 stories of residential space.
