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.
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