IPA Arranges $75M in Financing for Redevelopment of Former Pfizer Headquarters Building in Manhattan

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $75 million in financing for the redevelopment of the former Pfizer headquarters building in Midtown Manhattan. The project will convert the 10-story, 290,000-square-foot office building at 219 E. 42nd St. into a multifamily complex with 660 units that will come in studio, one-, two- and three-bedroom floor plans. When combined with the adjacent building at 235 E. 42nd St., the development will feature more than 1,400 apartments. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of IPA arranged the financing through Northwind Group on behalf of the developer, a partnership between David Werner Real Estate Investments and Metro Loft Management. Alexandria Real Estate Equities bought the former Pfizer headquarters building in 2018 following the pharmaceutical giant’s announcement that it would be relocating its headquarters to The Spiral, Tishman Speyer’s 2.8 million-square-foot building in the Hudson Yards district.