Nathan Berman and Idan Ofer — who’re shortly changing into certainly one of New York’s most lively office-to-residential partnerships — have zeroed in on their newest venture.
Berman’s Metro Loft Administration and Ofer’s Quantum Pacific Group are in contract to purchase the workplace constructing at 1 Whitehall Street within the Monetary District for simply north of $100 million, sources informed The Actual Deal.
The vendor is LoanCore Capital, the Greenwich, Connecticut-based debt fund that foreclosed on the constructing in December and took it over from the Chetrit Organization.
Berman and Ofer plan to transform the constructing into rental flats — the most recent of their rising listing of initiatives collectively.
Berman confirmed the acquisition and stated he expects extra within the pipeline with Quantum, lauding “their potential to maneuver decisively, make sensible choices and have the wherewithal to do many extra of those.”
A CBRE group led by Doug Middleton and Jack Stillwagon brokered the deal.
Ofer, the Israeli billionaire inheritor to a transport fortune, teamed up with Berman final yr to purchase the workplace constructing at 101 Greenwich Road for $105 million. The companions landed a $220 million construction loan from Apollo in January to transform the constructing into 614 flats.
The 2 have additionally teamed up in Midtown, the place final yr they paid $88 million to Sage Realty for 767 Third Avenue, which they’re changing into 337 flats. And so they’re additionally partnering on 845 Third Avenue, which is a 411-unit conversion.
New York’s conversion market exhibits no indicators of slowing down, as builders proceed to choose off discounted workplace buildings that may be was flats. There are actually 16,358 conversion units within the pipeline — double the determine from a yr in the past, in line with RentCafe.
The Chetrit Group — led by brothers Michael, Juda and previously Jacob (who died final yr) — purchased 1 Whitehall Road in 2019 for $181.5 million from the Rudin household, which had developed it in 1962.
They financed it and one other Downtown property — 428 Broadway — with roughly $200 million in loans from Mark Finerman’s LoanCore. The Chetrits defaulted in 2023 after they stopped making funds, and LoanCore filed to foreclose in late 2024.
Learn extra
Chetrit Organization faces foreclosure at two downtown properties
Idan Ofer, Nathan Berman pursue 101 Greenwich conversion
Quantum Pacific, Metro Loft land bridge loan for 845 Third Ave conversion
