- Vanbarton Group is acquiring 6 E. 43rd St. for approximately $140M with plans to convert the Emigrant Bank office building into housing.
- The purchase underscores a broader trend of office-to-residential conversions as demand for housing in New York remains high and older office stock becomes obsolete.
- This is one of several similar acquisitions by Vanbarton, which has been expanding its housing-focused redevelopment portfolio across New York and beyond.
Vanbarton Targets Midtown Building
Vanbarton Group is buying a Midtown Manhattan office building with plans to convert it into housing, per Bloomberg. The 6 E. 43rd St. property, currently occupied by Emigrant Bank, sits close to Grand Central Terminal and the former Pfizer headquarters. This marks Vanbarton’s latest office conversion project in a prime Manhattan location. The building’s central location makes it an ideal candidate for a high-impact office conversion that could attract renters seeking convenience and connectivity.
Deal Details
Milstein Properties is selling the building for approximately $140M in what will become a significant office conversion project. Neither Vanbarton nor Milstein commented on the deal.
Developer Expands Residential Footprint
This acquisition is part of Vanbarton’s broader push into residential real estate. The firm recently bought 1011 First Ave. from the Archdiocese of New York. It also purchased 77 Water St. in the Financial District. In addition, Vanbarton plans an office conversion of a distressed Seattle office building at 2601 Elliott Ave. into housing.
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Why It Matters
Demand for office space in New York has declined. At the same time, the city continues to face a housing shortage. Developers like Vanbarton are using these conditions to repurpose outdated office buildings. Converting them into apartments helps meet residential demand while giving new life to aging properties through office conversions.
What’s Next?
As more developers follow this trend, city policies may also evolve to support conversions. Vanbarton’s deal on East 43rd Street signals confidence in the viability of office conversion projects. Expect more such deals as New York continues to reshape its real estate landscape.
