View source for Pfizer Building

{{Draft article}}
{{Short description|Building in Manhattan, New York}}
{{Use American English|date=March 2025}}
{{Use mdy dates|date=May 2025}}
[[File:Pfizer world HQ jeh.JPG|thumb|Main entrance]]
The '''Pfizer Building''' is a structure on [[42nd Street (Manhattan)|42nd Street]] in the [[East Midtown]] neighborhood of [[Manhattan]] in [[New York City]], New York, U.S. The structure consists of two formerly-separate buildings at 219 and 235 East 42nd Street, which housed the pharmaceutical company [[Pfizer]]. The older building at 219 East 42nd Street, completed in 1905, was originally a 10-story building. The building at 235 East 42nd Street, designed by [[Emery Roth & Sons]] in the [[International Style]], was constructed in 1960 and has 33 stories. Both buildings have been undergoing a conversion to residential use since 2024; the project includes constructing 1,600 apartments and expanding 219 East 42nd Street to 29 stories.

== Description ==
The Pfizer Building is composed of two structures. 219 East 42nd Street has {{Convert|350,000|ft2}} of space across 10 stories.<ref name="Kim k779">{{cite web |last=Kim |first=Betsy |date=July 13, 2018 |title=Alexandria JV Acquires Pfizer's HQs for $363.5M |url=https://www.globest.com/2018/07/13/alexandria-acquires-pfizers-hqs-for-363-5mm/ |access-date=May 2, 2025 |website=GlobeSt |archive-date=May 29, 2023 |archive-url=https://web.archive.org/web/20230529074922/https://www.globest.com/2018/07/13/alexandria-acquires-pfizers-hqs-for-363-5mm/ |url-status=live }}</ref> The original facade was replaced in 1963 with a green glass facade.<ref name="Hughes m417" /> 

The building at 235 East 42nd Street has {{Convert|823623|ft2|0}} of space.<ref name="Kim k779" /> Measuring {{Convert|409|ft}} high with 33 stories,<ref name="CTBUH z718">{{cite web |title=Pfizer Building - The Skyscraper Center |url=https://www.skyscrapercenter.com/building/pfizer-building/11898 |access-date=May 19, 2025 |website=Council on Tall Buildings and Urban Habitat – CTBUH}}</ref> the building was designed by [[Emery Roth & Sons]]<ref name="nyt-1959-03-03">{{Cite news |date=March 3, 1959 |title=East Side to Get New Skyscraper; 32-Story Structure at 42d and 2d Ave. to Be Called The Pfizer Building |url=https://www.nytimes.com/1959/03/03/archives/east-side-to-get-new-skyscraper-32story-structure-at-42d-and-2d-ave.html |access-date=May 2, 2025 |work=The New York Times |language=en-US |issn=0362-4331}}</ref><ref name="Ginsburg t785">{{cite web |last=Ginsburg |first=Aaron |date=June 26, 2024 |title=Pfizer's former Midtown HQ to become 1,500 apartments |url=https://www.6sqft.com/pfizer-hq-midtown-become-1500-apartments/ |access-date=May 2, 2025 |website=6sqft |archive-date=February 15, 2025 |archive-url=https://web.archive.org/web/20250215004530/https://www.6sqft.com/pfizer-hq-midtown-become-1500-apartments/ |url-status=live }}</ref> in the [[International Style]].<ref name="nyt-2024-12-08">{{Cite news |last=Gill |first=John Freeman |date=December 8, 2024 |title=A Mural, and the Heroic Efforts to Save It |url=https://www.nytimes.com/2024/12/08/realestate/pfizer-mural-nikos-bel-jon.html |access-date=May 2, 2025 |work=The New York Times |language=en-US |issn=0362-4331 |archive-date=December 10, 2024 |archive-url=https://web.archive.org/web/20241210041935/https://www.nytimes.com/2024/12/08/realestate/pfizer-mural-nikos-bel-jon.html |url-status=live }}</ref> When built, the structure had a [[frontage]] of {{Convert|225|ft}} on 42nd Street to the south and {{Convert|125|ft}} on 43rd Street to the north.<ref name="nyt-1959-03-03" /> 235 East 42nd Street has [[Setback (architecture)|setbacks]] on its 42nd Street facade at the 11th and 15th stories,<ref name="Roche y031">{{cite web |last=Roche |first=Daniel Jonas |date=January 31, 2025 |title=Gensler to convert old Pfizer World Headquarters in Manhattan to housing |url=https://www.archpaper.com/2025/01/gensler-pfizer-world-headquarters-manhattan-housing/ |url-status=live |archive-url=https://web.archive.org/web/20250401022425/https://www.archpaper.com/2025/01/gensler-pfizer-world-headquarters-manhattan-housing/ |archive-date=April 1, 2025 |access-date=May 2, 2025 |website=The Architect’s Newspaper}}</ref> and it originally had a glass-and-aluminum facade.<ref name="nyt-1959-03-03" /><ref name="p1324240097">{{cite news |date=March 3, 1959 |title=Pfizer Takes Major Part Of New Tower on 2d Av |work=New York Herald Tribune |page=A5 |issn=1941-0646 |id={{ProQuest|1324240097}}}}</ref> The interior floor slabs are nearly {{Convert|200|ft}} wide.<ref name="nyt-2025-04-28">{{Cite news |last=Rosen |first=Ellen |date=April 28, 2025 |title=Apartments for Rent in a Former Office, but You Have to Live in Midtown |url=https://www.nytimes.com/2025/04/28/business/midtown-development-pfizer-headquarters.html |access-date=May 2, 2025 |work=The New York Times |language=en-US |issn=0362-4331 |archive-date=May 2, 2025 |archive-url=https://web.archive.org/web/20250502152743/https://www.nytimes.com/2025/04/28/business/midtown-development-pfizer-headquarters.html |url-status=live }}</ref><ref name="p1324240097" /> [[Nikos Bel-Jon]] was commissioned to create a mural titled ''Medical Research Through the Ages'', measuring {{Convert|36|by|11|ft}} across.<ref name="Attanasio v550">{{cite web |last=Attanasio |first=Cedar |date=September 7, 2024 |title=A mural honoring scientists hung in Pfizer's NYC lobby for 60 years. Now it's up for grabs |url=https://apnews.com/article/pfizer-nyc-building-art-greek-science-c8df03d5a850ba2885b8a93290f8e867 |access-date=May 2, 2025 |website=AP News |archive-date=September 14, 2024 |archive-url=https://web.archive.org/web/20240914020642/https://apnews.com/article/pfizer-nyc-building-art-greek-science-c8df03d5a850ba2885b8a93290f8e867 |url-status=live }}</ref><ref name="Perlman r673">{{cite web |last=Perlman |first=Michael |date=September 6, 2024 |title=Nationally Significant Mosaic Mural Needs To Be Transported ASAP |url=https://www.qgazette.com/articles/nationally-significant-mosaic-mural-needs-to-be-transported-asap/ |access-date=May 2, 2025 |website=Queens Gazette - |archive-date=December 9, 2024 |archive-url=https://web.archive.org/web/20241209020107/https://www.qgazette.com/articles/nationally-significant-mosaic-mural-needs-to-be-transported-asap/ |url-status=live }}</ref> Bel-Jon's mural was composed of tin and aluminum panels,<ref name="Attanasio v550" /> which depicted various figures in the medical industry throughout history, including the physician [[Hippocrates]], the microbiologist [[Alexander Fleming]], and the chemist [[Louis Pasteur]].<ref name="Perlman r673" /> The upper stories had mechanical ducts underneath the floor slabs.<ref name="p1324240097" />

As part of the structures' 2020s residential conversion, the space is being divided into 1,600 apartments,<ref name="Roche y031" /><ref name="Eberhardt n579">{{cite web |last=Eberhardt |first=Ellen |date=February 4, 2025 |title=Gensler to convert former Pfizer HQ into apartments in New York |url=https://www.dezeen.com/2025/02/04/gensler-pfizer-headquarters-conversion-new-york/ |url-status=live |archive-url=https://web.archive.org/web/20250208122132/https://www.dezeen.com/2025/02/04/gensler-pfizer-headquarters-conversion-new-york/ |archive-date=February 8, 2025 |access-date=May 2, 2025 |website=Dezeen}}</ref> and nineteen additional floors are being built atop 219 East 42nd Street.<ref name="YIMBY u112" /> Due to [[zoning]] rules, the floor slabs are being subdivided.<ref name="nyt-2025-04-28" /><ref name="Hughes m417" /> The conversion also includes {{Convert|100000|ft2}} of amenities such as a fitness center and a rooftop swimming pool.<ref name="Roche y031" /> In addition, the buildings originally had 2,000 windows, which are being replaced during the residential conversion. The original windows could not be opened, but zoning regulations stipulated that all apartments have at least one window that could be opened.<ref name="Ginsburg t785" />
== Early history ==
The structure at 219 East 42nd Street was completed in 1910<ref name="Kim k779" /><ref name="Hughes m417" /> and was renovated in 1963.<ref name="Hughes m417" /><ref name="JB p652">{{cite web |last=Jones |first=Orion |last2=Bautista |first2=Christian |date=July 26, 2023 |title=Former Pfizer HQ may get life-science renovation |url=https://therealdeal.com/new-york/2023/07/26/former-pfizer-hq-may-get-life-science-renovation/ |access-date=May 2, 2025 |website=The Real Deal |archive-date=February 21, 2025 |archive-url=https://web.archive.org/web/20250221112515/https://therealdeal.com/new-york/2023/07/26/former-pfizer-hq-may-get-life-science-renovation/ |url-status=live }}</ref> Plans for a 32-story office building next door at 235 East 42nd Street, at the northwest corner with [[Second Avenue (Manhattan)|Second Avenue]], were filed in early 1959.<ref name="nyt-1959-03-03" /> The structure, designed by Emery Roth & Sons and constructed by the Diesel Construction Company, would house the pharmaceutical company [[Pfizer]]'s international offices and some domestic offices.<ref name="nyt-1959-03-03" /><ref name="p1324240097" /> A [[groundbreaking ceremony]] took place in June 4, 1959,<ref name="nyt-1959-06-05">{{Cite news |date=June 5, 1959 |title=New East Side Skyscraper Begun |url=https://www.nytimes.com/1959/06/05/archives/new-east-side-skyscraper-begun.html |access-date=May 2, 2025 |work=The New York Times |language=en-US |issn=0362-4331 |archive-date=January 18, 2018 |archive-url=https://web.archive.org/web/20180118104941/http://www.nytimes.com/1959/06/05/archives/new-east-side-skyscraper-begun.html |url-status=live }}</ref> and Pfizer moved into 235 East 42nd Street in April 1961.<ref name="nyt-1961-04-07">{{Cite news |date=April 7, 1961 |title=Big Moving Task Set for Week-end; Transfer of Pfizer Offices of Across 42d St. to Involve 150 Loads of Equipment |url=https://www.nytimes.com/1961/04/07/archives/big-moving-task-set-for-weekend-transfer-of-pfizer-offices-of.html |access-date=May 2, 2025 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> Initially, Pfizer occupied 18 floors at 235 East 42nd Street,<ref name="nyt-1959-06-05" /> employing 1,000 workers there.<ref name="Hughes m417" /> Among the structure's other early tenants was the manufacturer [[Electrolux]],<ref>{{Cite news |date=July 7, 1960 |title=2 Floors Taken in New Building; Space Leased in Structure Rising at 42d and 2d Ave. -- Other Rental Deals |url=https://www.nytimes.com/1960/07/07/archives/2-floors-taken-in-new-building-space-leased-in-structure-rising-at.html |access-date=May 2, 2025 |work=The New York Times |language=en-US |issn=0362-4331}}</ref>  the [[Taiwan and the United Nations|Taiwanese mission to the United Nations]],<ref>{{Cite news |date=May 5, 1961 |title=Pfizer Building Sublets Spaces; U.N. Mission Takes Offices -- Other Rental Deals |url=https://www.nytimes.com/1961/05/05/archives/pfizer-building-sublets-spaces-un-mission-takes-offices-other.html |access-date=May 2, 2025 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> the [[Alexander Hamilton Institute]],<ref>{{Cite news |date=June 17, 1961 |title=Pfizer Building Gets New Tenant; Business School Moves -Other Leases Closed |url=https://www.nytimes.com/1961/06/17/archives/pfizer-building-gets-new-tenant-business-school-moves-other-leases.html |access-date=May 2, 2025 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> and a branch of [[Chase Manhattan Bank]].<ref name="p132461766">{{cite news |date=October 27, 1959 |title=Chase to Open New Branch |work=The Wall Street Journal |page=18 |issn=0099-9660 |id={{ProQuest|132461766}}}}</ref> At the time of its opening, 235 East 42nd Street was 85% occupied.<ref name="nyt-1961-04-07" /> ''The New York Times'' described 235 East 42nd Street as one of several structures built as part of a "building boom" on Second Avenue between 40th and 45th streets.<ref name="p116512470">{{cite news |last=Ennis |first=Thomas W. |date=April 7, 1963 |title=Office and Apartment Building Booms in Second Avenue Area: 20-Story Building Boom Hits 2d Avenue |work=The New York Times |page=R1 |issn=0362-4331 |id={{ProQuest|116512470}}}}</ref>

Pfizer subsequently expanded its headquarters in 1974.<ref name="nyt-2004-05-19">{{Cite news |last=McDowell |first=Edwin |date=May 19, 2004 |title=Commercial Real Estate: Regional Market -- Manhattan; Bigger Home For Pfizer Takes Shape |url=https://www.nytimes.com/2004/05/19/business/commercial-real-estate-regional-market-manhattan-bigger-home-for-pfizer-takes.html |access-date=May 2, 2025 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> [[Hoffmann Architects]] renovated 235 East 42nd Street in 1998, adding an artwork by [[Brian Clarke]] to the ceiling.<ref name="Roche y031" /> The two structures were insufficient for Pfizer's headquarters. The company acquired a nearby building at 685 Third Avenue in 2003, at which point it leased space in five other buildings in the area, including the [[Daily News Building]] just south of 235 East 42nd Street.<ref name="nyt-2004-05-19" />

=== Pfizer sale and Werner purchase ===
In late 2016, Pfizer announced its intention to sell both of its 42nd Street buildings and move its headquarters to another Manhattan building.<ref>{{Cite news |last=Rockoff |first=Jonathan D. |date=October 6, 2016 |title=Pfizer to Sell New York City Headquarters By End of Next Year |url=https://www.wsj.com/articles/pfizer-to-sell-new-york-city-headquarters-by-end-of-next-year-1475766972 |access-date=May 2, 2025 |work=Wall Street Journal |language=en-US |issn=0099-9660 |archive-date=February 1, 2023 |archive-url=https://web.archive.org/web/20230201095822/https://www.wsj.com/articles/pfizer-to-sell-new-york-city-headquarters-by-end-of-next-year-1475766972 |url-status=live }}</ref><ref>{{cite web |date=October 7, 2016 |title=Pfizer looks to sell Midtown East HQ by the end of 2017 |url=https://therealdeal.com/new-york/2016/10/07/pfizer-looks-to-sell-midtown-east-hq-by-the-end-of-2017/ |access-date=May 2, 2025 |website=The Real Deal}}</ref> Pfizer placed the 42nd Street buildings for sale in early 2017<ref>{{cite web |last=Rothstein |first=Ethan |date=January 26, 2017 |title=Pfizer Places HQ On The Market With C&W, Looking To Move Into New Space |url=https://www.bisnow.com/new-york/news/office/pfizer-selling-midtown-headquarters-cushman-and-wakefield-70325 |access-date=May 2, 2025 |website=Bisnow |archive-date=August 5, 2024 |archive-url=https://web.archive.org/web/20240805233016/https://www.bisnow.com/new-york/news/office/pfizer-selling-midtown-headquarters-cushman-and-wakefield-70325 |url-status=live }}</ref> and signed a lease at [[The Spiral (New York City)|The Spiral]] at [[Hudson Yards (development)|Hudson Yards]] in 2018, intending to relocate there.<ref name="m880">{{cite web |last=Kim |first=Betsy |date=April 10, 2018 |title=Pfizer to Relocate HQ to Hudson Yards |url=https://www.globest.com/2018/04/10/pfizer-to-relocate-hq-to-hudson-yards/ |access-date=May 2, 2025 |website=GlobeSt}}</ref><ref>{{cite web |last=Levitt |first=David M |date=April 10, 2018 |title=Pfizer to Move Its Global Headquarters to Hudson Yards Tower |url=https://www.bloomberg.com/news/articles/2018-04-10/pfizer-to-move-its-headquarters-to-hudson-yards-office-building |access-date=May 2, 2025 |website=Bloomberg.com}}</ref> [[David Werner (real estate investor)|David Werner]] tentatively agreed to buy the buildings that April,<ref>{{cite web |last=Maurer |first=Mark |date=April 10, 2018 |title=David Werner buying Pfizer’s Midtown HQ for $360M |url=https://therealdeal.com/new-york/2018/04/10/david-werner-buying-pfizers-midtown-hq-for-360m/ |access-date=May 2, 2025 |website=The Real Deal}}</ref> and Werner, [[Alexandria Real Estate Equities]], [[Deutsche Bank]], and the [[State of Wisconsin Investment Board]] bought 219 and 235 East 42nd Street for $363.5 million in July.<ref name="Kim k779" /><ref name="Bockmann n317">{{cite web |last=Bockmann |first=Rich |date=July 11, 2018 |title=Morgan Stanley lends Werner and partners $150M for Pfizer HQ buy |url=https://therealdeal.com/new-york/2018/07/11/morgan-stanley-lends-werner-and-partners-150m-for-pfizer-hq-buy/ |access-date=May 2, 2025 |website=The Real Deal |archive-date=February 28, 2024 |archive-url=https://web.archive.org/web/20240228031140/https://therealdeal.com/new-york/2018/07/11/morgan-stanley-lends-werner-and-partners-150m-for-pfizer-hq-buy/ |url-status=live }}</ref> The acquisition was funded by a $150 million loan from [[Morgan Stanley]].<ref name="Bockmann n317" /> Public records indicate that the partners paid $228 million for 235 East 42nd Street (excluding the land) and $142 million for 219 East 42nd Street.<ref name="Hughes m417" /><ref name=":1">{{cite web |last=Jones |first=Sasha |date=February 20, 2025 |title=David Werner Pays $140M For Final Piece Of Former Pfizer HQ Conversion |url=https://www.bisnow.com/new-york/news/office/david-werner-pays-140m-for-reign-over-pfizer-hq-conversion-128160 |access-date=May 2, 2025 |website=Bisnow |archive-date=February 21, 2025 |archive-url=https://web.archive.org/web/20250221112422/https://www.bisnow.com/new-york/news/office/david-werner-pays-140m-for-reign-over-pfizer-hq-conversion-128160 |url-status=live }}</ref>  Pfizer signed a five-year [[leaseback]] agreement for both buildings, allowing it to continue occupying the buildings temporarily.<ref name=":1" /><ref name="Bockmann n317" /> 

Werner leased the land under 235 East 42nd Street, paying Bernard Kayden $407 million; sources disagree on whether the leasehold was acquired in 2018<ref name="Jones d051">{{cite web |last=Jones |first=Sasha |date=March 15, 2024 |title=Pfizer's Former Midtown HQ Could Be Manhattan's Largest Office-To-Resi Conversion Yet |url=https://www.bisnow.com/new-york/news/office/pfizer-midtown-hq-office-resi-conversion-123355 |access-date=May 2, 2025 |website=Bisnow |archive-date=July 17, 2024 |archive-url=https://web.archive.org/web/20240717155430/https://www.bisnow.com/new-york/news/office/pfizer-midtown-hq-office-resi-conversion-123355 |url-status=live }}</ref> or 2021.<ref name="Hughes m417" /> Alexandria initially wanted to redevelop 219 East 42nd Street as a life-sciences building after Pfizer's lease expired.<ref name="JB p652" /><ref>{{cite web |last=Geiger |first=Daniel |last2=Anuta |first2=Joe |date=July 23, 2018 |title=12 ways to make money in real estate |url=https://www.crainsnewyork.com/article/20180723/REAL_ESTATE/180729978/12-ways-to-make-money-in-real-estate |access-date=May 2, 2025 |website=Crain&#039;s New York Business}}</ref> Pfizer's Hudson Yards headquarters formally opened in April 2023,<ref name="New York Business Journal d747">{{cite web |last=Chen |first=I-Chun |date=April 3, 2023 |title=Pfizer officially unveils new headquarters at Hudson Yards |url=https://www.bizjournals.com/newyork/news/2023/04/03/pfizer-opens-new-headquarters-at-hudson-yards.html |access-date=May 2, 2025 |website=New York Business Journal |archive-date=April 4, 2023 |archive-url=https://web.archive.org/web/20230404072032/https://www.bizjournals.com/newyork/news/2023/04/03/pfizer-opens-new-headquarters-at-hudson-yards.html |url-status=live }}</ref><ref>{{cite web |last=D'Ambrosio |first=Amanda |date=April 3, 2023 |title=Pfizer opens global headquarters in Hudson Yards as empty offices reach pandemic levels |url=https://www.crainsnewyork.com/health-care/pfizer-opens-global-headquarters-hudson-yards-empty-offices-reach-pandemic-levels |access-date=May 2, 2025 |website=Crain&#039;s New York Business}}</ref> leaving the 42nd Street building vacant.<ref name="Luck l025">{{cite web |last=Luck |first=Brad |date=June 25, 2024 |title=Former Pfizer headquarters on 42nd Street to become apartments |url=https://www.nbcnewyork.com/news/local/former-pfizer-headquarters-on-42nd-street-to-become-apartments/5539471/ |access-date=May 2, 2025 |website=NBC New York}}</ref>  

== Residential conversion ==
In early 2024, Metro Loft Management tentatively agreed to buy just less than half of Werner's ownership stake in the development.<ref name="Jones d051" /><ref name="Bockmann q140">{{cite web |last=Bockmann |first=Rich |date=March 14, 2024 |title=Nathan Berman plots largest office-to-resi conversion with former Pfizer HQ |url=https://therealdeal.com/new-york/2024/03/14/metro-loft-plans-largest-office-to-resi-at-pfizer-hq/ |access-date=May 2, 2025 |website=The Real Deal}}</ref> Metro Loft and David Werner announced plans to convert the building into 1,500 apartments,<ref name="Luck l025" /><ref name="Ford w549">{{cite web |last=Ford |first=James |date=June 27, 2024 |title=Former Pfizer HQ in NYC to be turned into apartments |url=https://pix11.com/news/local-news/former-pfizer-hq-in-nyc-will-be-turned-into-apartments-but-will-they-be-affordable/ |access-date=May 2, 2025 |website=PIX11 |archive-date=June 28, 2024 |archive-url=https://web.archive.org/web/20240628020108/https://pix11.com/news/local-news/former-pfizer-hq-in-nyc-will-be-turned-into-apartments-but-will-they-be-affordable/ |url-status=live }}</ref> which would make it the largest commercial-to-residential conversion project in New York City.<ref name="Jones d051" /><ref name="Bockmann q140" />  Initially, none of the units would have been [[affordable housing]] units.<ref name="Ginsburg t785" /><ref name="Hughes m417">{{cite web |last=Hughes |first=C. J. |date=June 24, 2024 |title=Former Pfizer HQ apartment conversion to kick off this summer |url=https://www.crainsnewyork.com/real-estate/pfizer-hq-apartment-conversion-begins-summer |access-date=May 2, 2025 |website=Crain&#039;s New York Business |archive-date=February 19, 2025 |archive-url=https://web.archive.org/web/20250219174933/https://www.crainsnewyork.com/real-estate/pfizer-hq-apartment-conversion-begins-summer |url-status=live }}</ref> Interior demolition commenced in mid-2024.<ref name="nyt-2024-12-08" /><ref name="Ford w549" /> Metro Loft and Werner did not plan to keep Bel-Jon's mural, which Pfizer had not taken with them to Hudson Yards,<ref name="nyt-2024-12-08" /> leading to concern that the mural could be destroyed.<ref name="Attanasio v550" /><ref name="Perlman r673" /> Bel-Jon's daughters were also unable to relocate their father's mural on their own, and ultimately Pfizer agreed to take back the mural.<ref name="nyt-2024-12-08" /> The project was expected to cost several hundreds of millions of dollars;<ref name="Hughes m417" /> in August 2024, [[Northwind Group]] gave Metro Loft and Werner a $75 million loan for 219 East 42nd Street.<ref name="Coen k535">{{cite web |last=Coen |first=Andrew |date=August 21, 2024 |title=Northwind Lends $75M on Office-to-Resi Conversion of Former Pfizer HQ |url=https://commercialobserver.com/2024/08/northwind-group-lends-75m-office-to-resi-conversion-former-pfizer-headquarters-manhattan/ |access-date=May 2, 2025 |website=Commercial Observer |archive-date=November 11, 2024 |archive-url=https://web.archive.org/web/20241111074341/https://commercialobserver.com/2024/08/northwind-group-lends-75m-office-to-resi-conversion-former-pfizer-headquarters-manhattan/ |url-status=live }}</ref><ref name="Russo l168">{{cite web |last=Russo |first=Anthony |date=August 22, 2024 |title=Manhattan Building Gets $75M Loan to Fund 'Largest Conversion Project in NYC History' |url=https://www.globest.com/2024/08/22/manhattan-building-gets-75m-loan-to-fund-largest-conversion-project-in-nyc-history/ |access-date=May 2, 2025 |website=GlobeSt |archive-date=February 10, 2025 |archive-url=https://web.archive.org/web/20250210134630/https://www.globest.com/2024/08/22/manhattan-building-gets-75m-loan-to-fund-largest-conversion-project-in-nyc-history/ |url-status=live }}</ref> That October, Metro Loft and Werner obtained Alexandria's portion of 235 East 42nd Street's ground lease for $18 million.<ref>{{cite web |last=Schiavo |first=Amanda |date=October 23, 2024 |title=Metro Loft and David Werner Secure Full Control of Former Pfizer HQ |url=https://commercialobserver.com/2024/10/metro-loft-david-werner-pfizer-hq/ |access-date=May 2, 2025 |website=Commercial Observer |archive-date=March 12, 2025 |archive-url=https://web.archive.org/web/20250312022100/https://commercialobserver.com/2024/10/metro-loft-david-werner-pfizer-hq/ |url-status=live }}</ref><ref>{{cite web |date=October 23, 2024 |title=Metro Loft, David Werner acquire full control of former Pfizer HQ in Grand Central |url=https://www.pincusco.com/metro-loft-david-werner-acquire-full-control-of-former-pfizer-hq-in-grand-central/ |access-date=May 2, 2025 |website=PincusCo |archive-date=November 11, 2024 |archive-url=https://web.archive.org/web/20241111144700/https://www.pincusco.com/metro-loft-david-werner-acquire-full-control-of-former-pfizer-hq-in-grand-central/ |url-status=live }}</ref>  

Northwind Group loaned $135 million for the residential conversion in January 2025,<ref>{{cite web |last=Wong |first=Natalie |date=January 29, 2025 |title=Project to convert former Pfizer HQ into housing lands $135M loan |url=https://www.crainsnewyork.com/real-estate/pfizer-headquarters-conversion-lands-135m-loan |access-date=May 2, 2025 |website=Crain's New York Business |agency=Bloomberg |archive-date=January 31, 2025 |archive-url=https://web.archive.org/web/20250131145123/https://www.crainsnewyork.com/real-estate/pfizer-headquarters-conversion-lands-135m-loan |url-status=live }}</ref><ref name=":0">{{cite web |date=January 29, 2025 |title=David Werner, Metro Loft land $135M loan for Pfizer HQ conversion |url=https://therealdeal.com/new-york/2025/01/29/david-werner-metro-loft-land-loan-for-pfizer-hq-conversion/ |access-date=May 2, 2025 |website=The Real Deal}}</ref> and [[Gensler]] publicly announced plans for the building's redesign the same month.<ref name="Roche y031" /><ref name="Eberhardt n579" /> By then, Werner and Metro Loft had their plans to call for 1,600 apartments, of which 25 percent would be affordable housing;<ref name="Roche y031" /><ref name="Eberhardt n579" /> this would make the Pfizer Building the largest office-to-residential conversion in the United States.<ref name="nyt-2025-04-28" /> In addition, 219 East 42nd Street was planned to be expanded to 29 stories.<ref name="YIMBY u112">{{cite web |last=Londono |first=Vanessa |date=July 12, 2024 |title=Permits Filed for 219 East 42nd Street in Midtown East, Manhattan |url=https://newyorkyimby.com/2024/07/permits-filed-for-219-east-42nd-street-in-midtown-east-manhattan.html |access-date=May 2, 2025 |website=New York YIMBY |archive-date=August 14, 2024 |archive-url=https://web.archive.org/web/20240814165344/https://newyorkyimby.com/2024/07/permits-filed-for-219-east-42nd-street-in-midtown-east-manhattan.html |url-status=live }}</ref> Werner bought the final portion of 235 East 42nd Street's site from Bernard Kayden in February 2025, giving him and Metro Loft full ownership of Pfizer's 42nd Street buildings.<ref name=":1" /><ref>{{cite web |last=Media |first=PincusCo |date=February 20, 2025 |title=David Werner pays $140M to Kayden family for fee under Pfizer building, borrowing $135M |url=https://www.pincusco.com/david-werner-pays-140m-to-kayden-family-for-fee-under-pfizer-building-borrowing-135m/ |access-date=May 2, 2025 |website=PincusCo}}</ref> Metro Loft and Werner sought an additional $700 million loan for the project that April.<ref name="TRD f174">{{cite web |date=May 1, 2025 |title=Metro Loft, David Werner near nabbing record loan for Pfizer HQ conversion |url=https://therealdeal.com/new-york/2025/05/01/metro-loft-david-werner-near-record-loan-for-conversion/ |access-date=May 2, 2025 |website=The Real Deal}}</ref> In addition, the building was planned to receive a 467m tax exemption for its affordable-housing units.<ref name="TRD f174" /> That May, [[Madison Realty Capital]] agreed to provide a $720 million loan for the project.<ref>{{cite web | last=Walter-Warner | first=Holden | title=Metro Loft, David Werner close record loan for office-to-resi conversion | website=The Real Deal | date=May 20, 2025 | url=https://therealdeal.com/new-york/2025/05/20/metro-loft-david-werner-close-on-record-loan-for-conversion/ | access-date=May 21, 2025}}</ref><ref>{{cite web | last=Coen | first=Andrew | title=MRC Closes $720M Loan for Former Pfizer HQ Office-to-Resi Conversion | website=Commercial Observer | date=May 19, 2025 | url=https://commercialobserver.com/2025/05/720m-construction-loanr-pfizer-hq-office-to-resi-conversion/ | access-date=May 21, 2025}}</ref>

==References==
{{reflist}}

==External links==
* {{commons category inline|Pfizer Building}}

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{{Midtown East, Manhattan}}

{{Draft categories|
[[Category:1960s architecture in the United States]]
[[Category:1961 establishments in New York City]]
[[Category:42nd Street (Manhattan)]]
[[Category:Emery Roth buildings]]
[[Category:International style architecture in the United States]]
[[Category:Midtown Manhattan]]
[[Category:Office buildings completed in 1961]]
[[Category:Office buildings in Manhattan]]
}}
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