Metro Loft and Quantum Pacific in Contract to Buy 1 Whitehall Street for $100M

Nathan Berman and Idan Ofer are close to finalizing a deal to acquire 1 Whitehall Street in Manhattan’s Financial District for yet another office-to-residential conversion for the duo.

Berman’s Metro Loft Management and Ofer’s Quantum Pacific Group are in contract to buy the 21-story office building for $100 million from LoanCore Capital, a debt fund that foreclosed on the in-decline property in December following a foreclosure auction against the previous owners, the Chetrit Organization.

LoanCore had started foreclosure actions against Chetrit in October 2024 for allegedly not making payments on its $156 million mortgage at 1 Whitehall since July 2023, as Commercial Observer previously reported. Chetrit had purchased the office building near Battery Park from Rudin in 2019 for $181.5 million.

Current tenants at 1 Whitehall include the U.S. Postal Service and research firm Regional Plan Association. (Disclosure: Commercial Observer is a tenant at 1 Whitehall.)

The Real Deal first reported that Metro Loft and Quantum Pacific were in contract to buy the property and turn it into rental housing.

CBRE’s Doug Middleton and Jack Stillwagon brokered the new sale.

Spokespeople for Metro Loft, LoanCore and CBRE did not immediately respond to  requests for comment, while Quantum Pacific could not be reached for comment.

Metro Loft and Quantum Pacific have been teaming up on a number of office-to-residential conversions recently, namely with an $88 million bridge loan in March to recapitalize 845 Third Avenue, which they plan to turn into a 529-unit apartment building.

The joint venture also acquired the 26-story office tower at 101 Greenwich Street in February 2025 with an eye to convert it to 614 units of housing, New York City Department of Buildings filings showed in December.

Mark Hallum can be reached at mhallum@commercialobserver.com.