Vanbarton Nabs Loan To Convert Archdiocese HQ To Housing: The N.Y. Deal Sheet
Commercial real estate investment and advisory firm Vanbarton Group has acquired 1011 First Ave. for $103M from the Roman Catholic Archdiocese of New York, funded by a $250M loan from Eldridge Real Estate Credit.
The 20-story building, which spans almost 400K SF, has been the archdiocese’s headquarters since 1973 but is now slated to become housing.
Vanbarton is planning to turn the office tower into a 420-unit luxury apartment building with 105 affordable units as well as roughly 8K SF of ground-floor retail space and 55K SF of amenities.
Vanbarton has become one of most aggressive pursuers of office-to-resi conversions in New York City in recent years, with projects including the recently completed 160 Water St., plus two more, 77 Water St. and 6 E. 43rd St., under contract.
“The addition of 1011 First Avenue to our portfolio marks a significant step in expanding our office-to-residential conversion efforts, building on the success of nearly two decades of converting underutilized real estate,” Vanbarton principal Joey Chilelli said in a statement.
The archdiocese announced plans in January 2024 to move its Catholic Center to 488 Madison Ave., a 24-story, 447K SF office building owned by The Feil Organization next to St. Patrick’s Cathedral.
Doug Middleton and Pierre Hills of CBRE advised the archdiocese during the sale process, while law firm Greenberg Traurig represented Vanbarton Group.
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