Feil Organization Secures $65M Construction Loan for Midtown Resi Conversion
By Amanda Schiavo April 15, 2025 2:08 pm
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The Feil Organization is moving forward with its plans to convert 140 West 57th Street from offices to luxury residences with a $65 million construction loan, the company announced.
The loan was provided by Deutsche Bank. Construction is scheduled to begin this spring, with completion expected in the fourth quarter of 2026.
“Located within the desirable 57th Street corridor, 140 West 57th Street is in the ideal location for a residential conversion,” Brian Feil, principal at the Feil Organization, said in a statement. “Given the strength of the joint venture sponsorship, we are confident that we will deliver an impactful redevelopment that is well received by the market.”
Feil is leading the joint venture along with investor Lloyd Goldman, owner of BLDG Management, and the Nakash family. Deutsche Bank declined to comment. Goldman did not respond to a request for comment, and the Nakash family could not be reached for comment.
Feil and its partners are planning to convert the 14-story Midtown building into 47 residential units, as Commercial Observer reported when the plans were filed earlier this month. The initial cost of the conversion is $17 million. The plans were filed by Brian Altman, head of construction management and project development at Feil.
The project is being designed by Stephen Sills & Associates and MdeAS Architects, Feil also announced. The building will feature units ranging from 502-square-foot studios to 1,776-square-foot three-bedrooms. Amenities will include a landscaped rooftop deck, indoor resident lounge, a fitness center, a bike room and a tenant storage room.
The building, also known as the Beaufort, was built between 1907 and 1908 and designed by architects Pollard & Steinam, to offer living and working spaces for artists, according to the Landmarks Preservation Commission. Some of the building’s current tenants include video production services company Perdido Productions, and Morton Williams Supermarket in the ground-floor retail space.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
