MetroLoft Developers is poised to start yet another office-to-residential conversion in Manhattan. The company, along with partner, Quantum Pacific, has secured a $218 million loan for the purchase and transformation of 101 Greenwich Street in the Financial District.
Apollo Global Management provided the financing, which was secured by Newmark.
The office property was repositioned to update the lobby, while adding amenities and building systems. But now, Quantum and MetroLoft are pursuing a residential conversion of the asset.
"101 Greenwich Street represents a highly efficient potential office-to-residential conversion opportunity, benefiting from U-shaped floor plates, extensive window lines, strong natural light and above-average ceiling heights," Newmark said in a statement.
The site is near the World Trade Center Oculus and Fulton Street Transit Center.
BentallGreenOak sold the property for $105 million, according to Newmark. The Real Deal previously reportedthat MetroLoft and Quantum were seeking to convert the 400,000 square foot tower into 614 residential units, after filing plans.
The move marks just one of multiple office-residential sites for MetroLoft. In December, the Commercial Observer reported that the company, along with GFP Real Estate, landed $835 million in financing for a Lower Manhattan property that's already been converted into 1,320 apartments. Moreover, MetroLoft secured a $720 million loan in May 2025 to transform Pfizer's former headquarters at 219 and 235 East 42nd Street into 1,602 luxury apartments.
As the city deals with a housing affordability crisis, office-to-residential conversions have spiked in popularity in Manhattan. In fact, the borough in the year-to-date through August 2025 saw 4.1 million square feet across 15 conversions break the ground, according to a report from Cushman & Wakefield. This is at the highest level seen since 2008.
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