Developer Pursues FiDi Convert Project After Midtown Disaster

The developer behind the office-to-residential conversion that nearly collapsed in Midtown last week plans to undertake a similar project in FiDi, according to a deed filed with the city just three days after the unsettling event.

The latest conversion being pursued by MetroLoft would take place at 1 Whitehall Street, with the newly-infamous company set to partner with private equity firm Quantum Pacific on the project. The makeover of the 22-story building would be designed by the architecture firm CetraRuddy.

During the July 7 incident, multiple structural beams situated on the 21st floor of 235 E. 42nd Street suddenly bent in half, causing floors and ceilings to sag in the northwest corner of the building.

A bombshell disclosure in the New York Times has now revealed that the I-beams “probably lacked” the required steel reinforcement outlined by DOB plans, and thus could not support additional floors being added to the former Pfizer HQ building. The details were obtained by the Times via a records request.

The Manhattan District Attorney’s Office and the city’s Department of Investigation have since opened investigations into the project, while a truck commissioned by the Carpenter’s Union parked two blocks away and blared the messages “Shame on MetroLoft” and “Crime Scene” to passerby on E. 43rd Street.

The DA’s office did not respond to a request for comment by Straus News.

According to the deed for the new project on Whitehall Street, MetroLoft and Quantum Pacific noted that they had purchased the property in question for $104 million from LoanCore, which is led by Mark Finnerman. MetroLoft is headed by David Werner.

In turn, LoanCore had acquired the property during a foreclosure proceeding in January of this year, after the Chetrit Organization defaulted on a $156 million mortgage. Chetrit had purchased the building for $181.5 million in 2019 from the powerhouse Rudin family, which originally developed it in 1962.

The July 7 incident led to the shuttering of twelve square city blocks and the evacuation of more than a half-dozen buildings, with city officials initially worried about a catastrophic collapse. Fear and frustration among local residents and tourists alike ran rampant, Our Town reported.

Work on the entire conversion project, which is slated to transform the former headquarters of the pharmaceutical giant into 1,600 luxury residential apartments—capped by a rooftop swimming pool—has remained under a stop-work order since July 7. The building has since reportedly been stabilized, city officials say, with streets reopened.

Werner, the CEO of MetroLoft, has projected plans to completely start over on the addition of new floors.

“First and foremost, we want to thank the FDNY, NYPD, and DOB for their quick response...We’re thankful there were no injuries, and as the DOB clarified, no debris fell from the building,” Werner said in a statement shortly after. “We want to confirm that the affected area is a small section of one of the two buildings on this site.”

It later emerged that the project, the largest instance of the office-to-residential conversion boom yet, had racked up multiple violations and was employing non-union labor.

MetLife has successfully pursued numerous other office-to-residential conversions in Manhattan. Among others, these include the reworking of a 30-story building at 55 Broad Street and the transformation of a 57-story landmark on Exchange Place.

MetroLoft did not respond to a request for comment on their new Whitehall Street plans.