- InterVest Capital Partners and MetroLoft secured $867M to convert 111 Wall St. in Lower Manhattan into 1,568 apartments, marking the largest single-building office-to-residential financing deal in US history.
- The conversion will transform a vacant 24-story office tower into a 30-story residential property with over 899K rentable square feet and 100K SF of amenities.
- The project reflects growing investor interest in adaptive reuse, amid persistent office vacancies and a pressing housing shortage in cities like New York.
A Record-Breaking Deal
InterVest Capital Partners and MetroLoft are leading a high-profile transformation of 111 Wall Street, reports CoStar. The $867M project marks the largest office-to-residential conversion of a single building in US history. Walker & Dunlop, which arranged the deal, confirmed the record-breaking scale.
The financing includes a $778.6M construction loan provided by Apollo Global Management, JPMorgan Chase, and TYKO Capital. It also includes an $88.4M C-PACE loan from Petros, extended from a prior agreement.
The Vision: A Revitalized 111 Wall
Originally built in 1968, the 24-story former office building is located in Manhattan’s Financial District. It will be expanded to 30 stories and converted into 1,568 rental units. Roughly 25% of the apartments will be designated as affordable housing under the city’s conversion incentives.
Designed by Gensler, the redeveloped property will offer over 100K SF of luxury amenities. Features include a rooftop basketball court, swimming pool, golf simulator, bowling alley, and spa. The building will also include 7K SF of retail space at street level.
Get Smarter about what matters in CRE
Stay ahead of trends in commercial real estate with CRE Daily – the free newsletter delivering everything you need to start your day in just 5-minutes
Part Of A National Trend
The conversion of 111 Wall St. reflects a broader national movement to repurpose outdated office space into residential use. This trend has gained momentum as office vacancies remain elevated in post-pandemic urban cores.
Cities like New York, Chicago, and DC are turning to adaptive reuse to address housing shortages and outdated office space. Investors, too, are increasingly backing these projects, further signaling strong confidence in the long-term viability of adaptive reuse efforts.
The Players And The Future
- Developer: MetroLoft
- Lead Financiers: Apollo, JPMorgan Chase, TYKO Capital
- Design: Gensler
- Construction Management: Collaborative Construction Management
- Marketing and Leasing: Corcoran New Development
The 111 Wall St. project joins other major adaptive reuse efforts in NYC. These include the ongoing conversion of Pfizer’s former headquarters—another MetroLoft project that secured $720M in financing earlier this year.
InterVest CEO Michael Gontar said that ultimately, projects like 111 Wall clearly reflect both their strategy and growing urban living demand.
Why It Matters
Conversions like this help ease housing shortages in dense cities while providing a sustainable reuse for underused commercial buildings. With billions flowing into adaptive reuse, more developers are expected to follow as incentives and zoning changes boost project viability.
