Metro Loft Management and Quantum Pacific Group refuse to stop pursuing office-to-residential projects in The Big Apple. The latest efforts have both developers targeting Financial District office building, 1 Whitehall Street.
The two paid over $100 million for the 21-story property with plans to turn it into rental apartments, The Real Deal reported, citing sources.
LoanCore Capital sold the property, with CBRE brokering the deal.
The move comes after both MetroLoft and Quantum partnered to secure a $218 million loan in January to fund the purchase and transformation of 101 Greenwich Street, also located in the Financial District. The Real Deal previously reported that MetroLoft and Quantum were seeking to convert the 400,000 square foot tower into 614 residential units, after filing plans.
Also, Metro has been even busier in Manhattan. The company, along with GFP Real Estate, landed $835 million in financing in December for a Lower Manhattan property that's already been converted into 1,320 apartments. Moreover, Metro 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.
But it's not just Metro and Quantum getting in on the action in Manhattan. Overall, the borough continues serve as a magnet for office-to-residential conversions as New York City faces a housing affordability crisis. A recent Cushman & Wakefield report revealed that these transformations are slated to double this year, with 9.8 million square feet of office space now in the planning stages, almost double from the amount of starts seen from 2025. Downtown accounts for 38.7 percent of the space in the proposed pipeline.
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