1981 Manhattan Office Tower To Convert to Residential

A little over year after a 1981 office tower in Midtown East Manhattan, NYC, underwent an extensive makeover, it is now poised to be among the first such towers to be converted to residences under the City of Yes, the most ambitious zoning code update for NYC since 1961, outlets including The Real Deal report. The legislation changes conversion eligibility from buildings built before 1961 to those built by 1991. Combined with the city’s new 467-M tax exemption incentive, “every conversion” is now more viable, Metro Loft Developers founder and CEO Nathan Berman said. Berman partnered with Israeli billionaire Idan Ofer of Quantum Pacific to purchase the 330,000-ft², 40-story property at 767 Third Avenue for US$88 million. Now roughly half empty, the tower was originally designed by architect FXCollaborative, with Fogarty Finger handling the renovation completed in September 2023.