10-Elevator Modernization by TEI for Manhattan’s Largest Office-to-Residential Conversion

TEI Group tells ELEVATOR WORLD it will modernize 10 elevators — including installation of three new units — at 235 East 42nd Street, the 33-story former Pfizer headquarters that is Manhattan, NY’s largest office-to-residential conversion. Working with Collaborative Construction, TEI said the property will be combined with 219 East 42nd Street. Outlets including Multi-Housing News reported that David Werner Real Estate Investments and Metro Loft Management obtained US$135-million in financing from Northwind Group for the conversion in January. The market-rate project is set to include approximately 910 residential units, along with retail and amenity areas. The project is part of the office-to-residential conversion trend that’s heating up as demand for apartments in the city grows.