Metro Loft, InterVest Gear Up for 1,350-Unit Conversion at 111 Wall Street
By Isabelle Durso September 20, 2024 5:00 pm
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Metro Loft Management and InterVest Capital Partners’ plan for an office-to-residential conversion project at 111 Wall Street is officially underway.
The two firms have signed an agreement to convert the 24-story, 1.1 million-square-foot Financial District office building into a luxury apartment building with 1,350 units, according to Metro Loft.
“We are excited to be partnering with InterVest to transform 111 Wall Street, an incredible asset, into luxury rental apartments,” Metro Loft CEO Nathan Berman said in a statement sent to Commercial Observer. “Over the years we have watched the Financial District become a flourishing neighborhood and remain very bullish on the area.”
Construction is set to begin in 2025, while units are expected to become available in 2026, according to The Real Deal, which first reported the news. Gensler will be the architect of the project.
Spokespeople for InterVest and Gensler did not immediately respond to requests for comment.
111 Wall Street sits where Wall Street meets the East River. InterVest purchased the office building in 2019 in a joint venture with Nightingale Properties for $175 million, as CO previously reported. In 2021, Oaktree Capital Management provided financing for office renovations at the building, along with PIMCO and Petros PACE Finance.
But InterVest and Nightingale ran into trouble in July 2023, when Oaktree began foreclosure actions at the property over a $500 million loan. OakTree later canceled the action, however, and is now allowing funds originally approved for the office renovation to be used for the planned conversion, TRD reported.
Nightingale, which has been facing investigations from the Department of Justice and the Securities and Exchange Commission into its handling of $40 million raised on a crowdfunding platform, is no longer involved in the project, according to TRD.
The new construction comes amid a recent wave of office-to-residential conversions in Lower Manhattan, including Berman’s own conversion projects at 180 Water Street, 67 Wall Street, 20 Broad Street, 20 Exchange Place and 116 John Street, as CO previously reported.
Metro Loft is also working on major conversions at the former Pfizer headquarters in Midtown, where he plans to build about 1,500 units, and at 25 Water Street, where roughly 1,300 units are being constructed, according to TRD.
Isabelle Durso can be reached at idurso@commercialobserver.com.
