David Werner Real Estate and Metro Loft Management secured $90 million in financing from Northwind Group for the acquisition and predevelopment of 675 Third Avenue in Midtown Manhattan. The developers plan to convert the 340,000-square-foot office building into about 430 rental units with ground-floor retail. The building, previously owned by the Durst Organization, was still partially occupied at the time of purchase. A Newmark team arranged the financing. Werner and Metro Loft recently partnered on a similar Midtown conversion at the former Pfizer headquarters, with Northwind also financing that project. Construction at 675 Third is expected to begin soon.
David Werner Real Estate
