JV Acquires Offices for First Major Conversion Under New Midtown South Plan

JV Acquires Offices for First Major Conversion Under New Midtown South Plan
News| October 8, 2025| Paul Bubny
New York & Tri-State + Apartment Buildings

Marty Burger of Infinite Global Real Estate Partners and Andrew Heiberger of Buttonwood Development, in partnership with 400 Capital Management LLC, have acquired 29 W. 35th St. for what will be the first major office-to-residential conversion under New York City’s new Midtown South Mixed-Use Plan. The joint venture will introduce 107 boutique residences, all studio apartments.

Financing for the project was provided by Allegiant and 400CM, while additional equity partners include David Levinson of L&L Holding and Terracotta Management. The project will serve as a blueprint for the district’s transformation by repurposing underutilized office space into housing.

“New York City is home to some of the world’s most beautiful and iconic structures, many of which have outlived their original commercial purpose but possess incredible architectural character that deserves preservation,” said Burger. “Rather than tearing these buildings down, we have an incredible opportunity to breathe new life into them as homes for New Yorkers.”

A Colliers team led by Zach Redding, Dylan Kane, and Matt Mastrocola arranged the $25-million sale of 29 W. 35th, a 71,180-gross-square-foot office and retail asset. The JV was represented by Ben Schlegel of Ariel Property Advisors on the debt, while lender Allegiant was represented by Richard Stanton.

Join industry leaders on October 23 at Connect New York Apartments Investment & Finance to delve into adaptive reuse strategies, distressed property outlooks, and the evolving dynamics of New York’s multifamily market. Gain insights into navigating policy changes, securing capital, and identifying opportunities in today’s complex real estate landscape. 

Other News

Refinancing Multifamily Borrowers Face 41% Increase in Interest Rates

Apartment Buildings

Multifamily borrowers with maturing loans face a significantly higher interest rate environment to refinance, with Newmark reporting a 41% increase in interest costs. Loans maturing in the third quarter of 2026 carried an average interest rate of 4.04%, compared with the current 5.69% for new loans. At the same time, cap rates have averaged 5.5%,...

Learn more

Seattle Social Housing Developer to Buy West Seattle Apartments for $68M

Seattle & Northwest + Apartment Buildings

The Seattle Social Housing Developer (SSHD) announced its second acquisition, a six-story building with nearly 200 homes in the heart of West Seattle.  The Developer’s Board approved the acquisition, and SSHD plans to buy Youngstown Flats for about $68 million. In addition, the current owner of Youngstown Flats recently allowed an affordability program to lapse...

Learn more

Charlotte Library Razed, 300 Apartment Units on Way

Atlanta & Southeast + Apartment Buildings

Northwood Ravin demolished a dated Charlotte public library in order to make way for a 300-unit apartment development. The Charlotte Business Journal reports the plan is to include 21,400 square feet of retail as well. The 4.5-acre south-end property is at 101 Scaleybark Road. The retail component is part of a larger mixed-use development that...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up