Authorities responded to a suspected fire at the former Pfizer headquarters in Manhattan, the site of a highly anticipated Nathan Berman and David Werner residential conversion.
Work stopped at the massive construction site at 235 East 42nd Street, resulting in hundreds of construction workers milling on the sidewalk while the fire department investigated the situation, according to eyewitness accounts and videos viewed by The Real Deal. Work halted for about 20 minutes, according to a member of the construction crew.
According to Berman’s Metro Loft, no fire actually occurred, but the New York Fire Department was called due to smoke coming from the construction site. No damage has been reported, and work resumed after a brief NYFD investigation.
The Midtown site is home to the largest office-to-resi conversion in New York City. Nathan Berman’s Metro Loft reached a deal in March 2024 to convert the former Pfizer headquarters into approximately 1,500 rental units.
Berman purchased a minority stake in the site from David Werner, who had bought the interests in the property five years earlier when Pfizer relocated to Tishman Speyer’s Spiral.
Werner owns the leasehold of the larger of the two buildings, the 33-story 235 East 42nd Street, after purchasing it for $407 million. He bought the smaller 10-story 219 East 42nd Street in partnership with life sciences developer Alexandria Real Estate Equities for $142 million before buying out the real estate investment trust.
The developers have gone through several rounds of financing for the massive undertaking. In May, the pair secured a $700 million construction loan from Madison Realty Capital, a record amount for a residential conversion project in New York.
Northwind Group last summer provided a $75 million loan to the joint venture for the property at 219 East 42nd Street, which is also slated for redevelopment. In January, the firm supplied another $135 million for the site.
Construction is expected to wrap the last quarter of 2027. The combined property, which will host a mix of luxury rentals and affordable housing through the 467m tax abatement program, will include more than 100,000 square feet of amenities and 30,000 square feet of retail space.
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