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Marcus & Millichap’s IPA Capital Markets Arranges $75 Million Financing for Midtown Manhattan Office-to-Residential Conversion Project

Sep 19, 2024•over 1 year ago

Contract Type

contract

CalabasasReal EstateReal Estate InvestmentCommercial Real Estate

Description

IPA Capital Markets, a division of Marcus & Millichap, has secured $75 million in acquisition financing for the former Pfizer headquarters in New York City. The property at 219 E 42nd St. will be combined with the adjacent building at 235 E 42nd St. and converted into a free-market, Class-A, luxury multifamily apartment building, adding more than 800 units to the project totaling to over 1,400 units.

Company Information

Company

Institutional Property Advisors

Location

Calabasas, California, United States

About

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.

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