Israeli billionaire Idan Ofer started the year with an acquisition of a Financial District office building. He’s ending the year with plans in place for Manhattan’s next big conversion.
Ofer’s Quantum Pacific Group and Nathan Berman’s Metro Loft Management filed plans for a 614-unit office-to-residential conversion at 101 Greenwich Street, the Commercial Observer reported. The partners bought the 26-story property from BentallGreenOak in February for more than $100 million.
Quantum Pacific could not be reached for comment by the publication, while Metro Loft did not respond to a request for comment.
Quantum Pacific and Metro Loft already work together elsewhere. Last November, Ofer partnered with Berman on an $88 million purchase of 767 Third Avenue, representing Ofer’s first investment in U.S. commercial real estate. The purchase closed with a $55 million loan from Bank Hapoalim, charting a course for a conversion.
The conversion filing for 101 Greenwich was first reported by PincusCo.
BGO acquired the building with Cove Property Group and Multi-Employer Property Trust from Kushner Companies and CIM Group in 2016 for $225 million. Shortly thereafter, ownership embarked on a $70 million renovation.
Tenants at the 400,000-square-foot building have included Independence Point Advisors, Moment Technology and Pro Shop Holdings, according to CompStak. A few months ago, BGO sued flex workspace provider Convene, alleging it owes it $10.6 million after failing to make rent payments since February.
It’s been a busy end of 2025 for Berman, one of the most prominent office-to-residential converters in New York City. Last week, Metro Loft and InterVest Capital Partners scored $779 million in financing for their conversion of 111 Wall Street in the Financial District, part of the largest office-to-residential financing package in city history.
Other prominent FiDi conversion projects in the works include a Metro Loft development at 25 Water Street, as well as projects at 55 Broad Street and One Wall Street.
— Holden Walter-Warner
Read more
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Nathan Berman, InterVest smash conversion financing record
