Israeli billionaire Idan Ofer began the yr with an acquisition of a Monetary District workplace constructing. He’s ending the yr with plans in place for Manhattan’s subsequent huge conversion.
Ofer’s Quantum Pacific Group and Nathan Berman’s Metro Loft Administration filed plans for a 614-unit office-to-residential conversion at 101 Greenwich Avenue, the Business Observer reported. The companions purchased the 26-story property from BentallGreenOak in February for more than $100 million.
Quantum Pacific couldn’t be reached for remark by the publication, whereas Metro Loft didn’t reply to a request for remark.
Quantum Pacific and Metro Loft already work collectively elsewhere. Final November, Ofer partnered with Berman on an $88 million purchase of 767 Third Avenue, representing Ofer’s first funding in U.S. business actual property. The acquisition closed with a $55 million mortgage from Financial institution Hapoalim, charting a course for a conversion.
The conversion submitting for 101 Greenwich was first reported by PincusCo.
BGO acquired the constructing with Cove Property Group and Multi-Employer Property Belief from Kushner Corporations and CIM Group in 2016 for $225 million. Shortly thereafter, possession launched into a $70 million renovation.
Tenants on the 400,000-square-foot constructing have included Independence Level Advisors, Second Expertise and Professional Store Holdings, in accordance with CompStak. A couple of months in the past, BGO sued flex workspace supplier Convene, alleging it owes it $10.6 million after failing to make hire funds since February.
It’s been a busy finish of 2025 for Berman, probably the most distinguished office-to-residential converters in New York Metropolis. Final week, Metro Loft and InterVest Capital Companions scored $779 million in financing for his or her conversion of 111 Wall Avenue within the Monetary District, a part of the biggest office-to-residential financing bundle in metropolis historical past.
Different distinguished FiDi conversion initiatives within the works embody a Metro Loft growth at 25 Water Avenue, in addition to initiatives at 55 Broad Avenue and One Wall Avenue.
Learn extra
BGO sues Convene at 101 Greenwich for $10M in back rent
Idan Ofer’s Quantum Pacific makes second NYC acquisition
Nathan Berman, InterVest smash conversion financing record
