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Draft:Pfizer Building

Coordinates: 40°45′02″N 73°58′21″W / 40.750451°N 73.972562°W / 40.750451; -73.972562
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The Pfizer Building is a structure on 42nd Street in the East Midtown neighborhood of Manhattan in New York City, New York, U.S. The structure consists of two formerly-separate buildings at 219 and 235 East 42nd Street, which housed the pharmaceutical company Pfizer. The older building at 219 East 42nd Street, completed in 1905, was originally a 10-story building. The building at 235 East 42nd Street, designed by Emery Roth & Sons in the International Style, was constructed in 1960 and has 33 stories. Both buildings have been undergoing a conversion to residential use since 2024; the project includes constructing 1,600 apartments and expanding 219 East 42nd Street to 29 stories.

Description

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The Pfizer Building is composed of two structures. 219 East 42nd Street has 350,000 square feet (33,000 m2) of space across 10 stories.[1] The original facade was replaced in 1963 with a green glass facade.[2]

The building at 235 East 42nd Street has 823,623 square feet (76,517 m2) of space.[1] Measuring 33 stories high,[3][4] the building was designed by Emery Roth & Sons[5][6] in the International Style.[7] When built, the structure had a frontage of 225 feet (69 m) on 42nd Street to the south and 125 feet (38 m) on 43rd Street to the north.[5] 235 East 42nd Street has setbacks on its 42nd Street facade at the 11th and 15th stories,[3] and it originally had a glass-and-aluminum facade.[5][8] The interior floor slabs are nearly 200 feet (61 m) wide.[9][8] Nikos Bel-Jon was commissioned to create a mural titled Medical Research Through the Ages, measuring 36 by 11 feet (11.0 by 3.4 m) across.[10][11] Bel-Jon's mural was composed of tin and aluminum panels,[10] which depicted various figures in the medical industry throughout history, including the physician Hippocrates, the microbiologist Alexander Fleming, and the chemist Louis Pasteur.[11] The upper stories had mechanical ducts underneath the floor slabs.[8]

As part of the structures' 2020s residential conversion, the space is being divided into 1,600 apartments,[3][4] and nineteen additional floors are being built atop 219 East 42nd Street.[12] Due to zoning rules, the floor slabs are being subdivided.[9][2] The conversion also includes 100,000 square feet (9,300 m2) of amenities such as a fitness center and a rooftop swimming pool.[3] In addition, the buildings originally had 2,000 windows, which are being replaced during the residential conversion. The original windows could not be opened, but zoning regulations stipulated that all apartments have at least one window that could be opened.[6]

Early history

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The structure at 219 East 42nd Street was completed in 1910.[1][2] 219 East 42nd Street was renovated in 1963.[2][13]

Plans for a 32-story office building next door at 235 East 42nd Street, at the northwest corner with Second Avenue, were filed in early 1959.[5] The structure, designed by Emery Roth & Sons and constructed by the Diesel Construction Company, would house the pharmaceutical company Pfizer's international offices and some domestic offices.[5][8] A groundbreaking ceremony took place in June 4, 1959,[14] and Pfizer moved into 235 East 42nd Street in April 1961.[15] Initially, Pfizer occupied 18 floors at 235 East 42nd Street,[14] employing 1,000 workers there.[2] Among the structure's other early tenants was the manufacturer Electrolux,[16] the Taiwanese mission to the United Nations,[17] the Alexander Hamilton Institute,[18] and a branch of Chase Manhattan Bank.[19] At the time of its opening, 235 East 42nd Street was 85% occupied.[15] The New York Times described 235 East 42nd Street as one of several structures built as part of a "building boom" on Second Avenue between 40th and 45th streets.[20]

Pfizer subsequently expanded its headquarters in 1974.[21] Hoffmann Architects renovated 235 East 42nd Street in 1998, adding an artwork by Brian Clarke to the ceiling.[3] The two structures were insufficient for Pfizer's headquarters. The company acquired a nearby building at 685 Third Avenue in 2003, at which point it leased space in five other buildings in the area, including the Daily News Building just south of 235 East 42nd Street.[21]

Pfizer sale and Werner purchase

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In late 2016, Pfizer announced its intention to sell both of its 42nd Street buildings and move its headquarters to another Manhattan building.[22][23] Pfizer placed the 42nd Street buildings for sale in early 2017[24] and signed a lease at The Spiral at Hudson Yards in 2018, intending to relocate there.[25][26] David Werner tentatively agreed to buy the buildings that April,[27] and Werner, Alexandria Real Estate Equities, Deutsche Bank, and the State of Wisconsin Investment Board bought 219 and 235 East 42nd Street for $363.5 million in July.[1][28] The acquisition was funded by a $150 million loan from Morgan Stanley.[28] Public records indicate that the partners paid $228 million for 235 East 42nd Street (excluding the land) and $142 million for 219 East 42nd Street.[2][29] Pfizer signed a five-year leaseback agreement for both buildings, allowing it to continue occupying the buildings temporarily.[29][28]

Werner leased the land under 235 East 42nd Street, paying Bernard Kayden $407 million; sources disagree on whether the leasehold was acquired in 2018[30] or 2021.[2] Alexandria initially wanted to redevelop 219 East 42nd Street as a life-sciences building after Pfizer's lease expired.[13][31] Pfizer's Hudson Yards headquarters formally opened in April 2023,[32][33] leaving the 42nd Street building vacant.[34]

Residential conversion

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In early 2024, Metro Loft Management tentatively agreed to buy just less than half of Werner's ownership stake in the development.[30][35] Metro Loft and David Werner announced plans to convert the building into 1,500 apartments,[34][36] which would make it the largest commercial-to-residential conversion project in New York City.[30][35] Initially, none of the units would have been affordable housing units.[6][2] Interior demolition commenced in mid-2024.[7][36] Metro Loft and Werner did not plan to keep Bel-Jon's mural, which Pfizer had not taken with them to Hudson Yards,[7] leading to concern that the mural could be destroyed.[10][11] Bel-Jon's daughters were also unable to relocate their father's mural on their own, and ultimately Pfizer agreed to take back the mural.[7] The project was expected to cost several hundreds of millions of dollars;[2] in August 2024, Northwind Group gave Metro Loft and Werner a $75 million loan for 219 East 42nd Street.[37][38] That October, Metro Loft and Werner obtained Alexandria's portion of 235 East 42nd Street's ground lease for $18 million.[39][40]

Northwind Group loaned $135 million for the residential conversion in January 2025,[41][42] and Gensler publicly announced plans for the building's redesign the same month.[3][4] By then, Werner and Metro Loft had their plans to call for 1,600 apartments, of which 25 percent would be affordable housing;[3][4] this would make the Pfizer Building the largest office-to-residential conversion in the United States.[9] In addition, 219 East 42nd Street was planned to be expanded to 29 stories.[12] Werner bought the final portion of 235 East 42nd Street's site from Bernard Kayden in February 2025, giving him and Metro Loft full ownership of Pfizer's 42nd Street buildings.[29][43] Metro Loft and Werner sought an additional $700 million loan for the project that April.[44] In addition, the building was planned to receive a 467m tax exemption for its affordable-housing units.[44]

References

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  1. ^ a b c d Kim, Betsy (July 13, 2018). "Alexandria JV Acquires Pfizer's HQs for $363.5M". GlobeSt. Archived from the original on May 29, 2023. Retrieved May 2, 2025.
  2. ^ a b c d e f g h i Hughes, C. J. (June 24, 2024). "Former Pfizer HQ apartment conversion to kick off this summer". Crain's New York Business. Archived from the original on February 19, 2025. Retrieved May 2, 2025.
  3. ^ a b c d e f g Roche, Daniel Jonas (January 31, 2025). "Gensler to convert old Pfizer World Headquarters in Manhattan to housing". The Architect’s Newspaper. Archived from the original on April 1, 2025. Retrieved May 2, 2025.
  4. ^ a b c d Eberhardt, Ellen (February 4, 2025). "Gensler to convert former Pfizer HQ into apartments in New York". Dezeen. Archived from the original on February 8, 2025. Retrieved May 2, 2025.
  5. ^ a b c d e "East Side to Get New Skyscraper; 32-Story Structure at 42d and 2d Ave. to Be Called The Pfizer Building". The New York Times. March 3, 1959. ISSN 0362-4331. Retrieved May 2, 2025.
  6. ^ a b c Ginsburg, Aaron (June 26, 2024). "Pfizer's former Midtown HQ to become 1,500 apartments". 6sqft. Archived from the original on February 15, 2025. Retrieved May 2, 2025.
  7. ^ a b c d Gill, John Freeman (December 8, 2024). "A Mural, and the Heroic Efforts to Save It". The New York Times. ISSN 0362-4331. Archived from the original on December 10, 2024. Retrieved May 2, 2025.
  8. ^ a b c d "Pfizer Takes Major Part Of New Tower on 2d Av". New York Herald Tribune. March 3, 1959. p. A5. ISSN 1941-0646. ProQuest 1324240097.
  9. ^ a b c Rosen, Ellen (April 28, 2025). "Apartments for Rent in a Former Office, but You Have to Live in Midtown". The New York Times. ISSN 0362-4331. Archived from the original on May 2, 2025. Retrieved May 2, 2025.
  10. ^ a b c Attanasio, Cedar (September 7, 2024). "A mural honoring scientists hung in Pfizer's NYC lobby for 60 years. Now it's up for grabs". AP News. Archived from the original on September 14, 2024. Retrieved May 2, 2025.
  11. ^ a b c Perlman, Michael (September 6, 2024). "Nationally Significant Mosaic Mural Needs To Be Transported ASAP". Queens Gazette -. Archived from the original on December 9, 2024. Retrieved May 2, 2025.
  12. ^ a b Londono, Vanessa (July 12, 2024). "Permits Filed for 219 East 42nd Street in Midtown East, Manhattan". New York YIMBY. Archived from the original on August 14, 2024. Retrieved May 2, 2025.
  13. ^ a b Jones, Orion; Bautista, Christian (July 26, 2023). "Former Pfizer HQ may get life-science renovation". The Real Deal. Archived from the original on February 21, 2025. Retrieved May 2, 2025.
  14. ^ a b "New East Side Skyscraper Begun". The New York Times. June 5, 1959. ISSN 0362-4331. Archived from the original on January 18, 2018. Retrieved May 2, 2025.
  15. ^ a b "Big Moving Task Set for Week-end; Transfer of Pfizer Offices of Across 42d St. to Involve 150 Loads of Equipment". The New York Times. April 7, 1961. ISSN 0362-4331. Retrieved May 2, 2025.
  16. ^ "2 Floors Taken in New Building; Space Leased in Structure Rising at 42d and 2d Ave. -- Other Rental Deals". The New York Times. July 7, 1960. ISSN 0362-4331. Retrieved May 2, 2025.
  17. ^ "Pfizer Building Sublets Spaces; U.N. Mission Takes Offices -- Other Rental Deals". The New York Times. May 5, 1961. ISSN 0362-4331. Retrieved May 2, 2025.
  18. ^ "Pfizer Building Gets New Tenant; Business School Moves -Other Leases Closed". The New York Times. June 17, 1961. ISSN 0362-4331. Retrieved May 2, 2025.
  19. ^ "Chase to Open New Branch". The Wall Street Journal. October 27, 1959. p. 18. ISSN 0099-9660. ProQuest 132461766.
  20. ^ Ennis, Thomas W. (April 7, 1963). "Office and Apartment Building Booms in Second Avenue Area: 20-Story Building Boom Hits 2d Avenue". The New York Times. p. R1. ISSN 0362-4331. ProQuest 116512470.
  21. ^ a b McDowell, Edwin (May 19, 2004). "Commercial Real Estate: Regional Market -- Manhattan; Bigger Home For Pfizer Takes Shape". The New York Times. ISSN 0362-4331. Retrieved May 2, 2025.
  22. ^ Rockoff, Jonathan D. (October 6, 2016). "Pfizer to Sell New York City Headquarters By End of Next Year". Wall Street Journal. ISSN 0099-9660. Archived from the original on February 1, 2023. Retrieved May 2, 2025.
  23. ^ "Pfizer looks to sell Midtown East HQ by the end of 2017". The Real Deal. October 7, 2016. Retrieved May 2, 2025.
  24. ^ Rothstein, Ethan (January 26, 2017). "Pfizer Places HQ On The Market With C&W, Looking To Move Into New Space". Bisnow. Archived from the original on August 5, 2024. Retrieved May 2, 2025.
  25. ^ Kim, Betsy (April 10, 2018). "Pfizer to Relocate HQ to Hudson Yards". GlobeSt. Retrieved May 2, 2025.
  26. ^ Levitt, David M (April 10, 2018). "Pfizer to Move Its Global Headquarters to Hudson Yards Tower". Bloomberg.com. Retrieved May 2, 2025.
  27. ^ Maurer, Mark (April 10, 2018). "David Werner buying Pfizer's Midtown HQ for $360M". The Real Deal. Retrieved May 2, 2025.
  28. ^ a b c Bockmann, Rich (July 11, 2018). "Morgan Stanley lends Werner and partners $150M for Pfizer HQ buy". The Real Deal. Archived from the original on February 28, 2024. Retrieved May 2, 2025.
  29. ^ a b c Jones, Sasha (February 20, 2025). "David Werner Pays $140M For Final Piece Of Former Pfizer HQ Conversion". Bisnow. Archived from the original on February 21, 2025. Retrieved May 2, 2025.
  30. ^ a b c Jones, Sasha (March 15, 2024). "Pfizer's Former Midtown HQ Could Be Manhattan's Largest Office-To-Resi Conversion Yet". Bisnow. Archived from the original on July 17, 2024. Retrieved May 2, 2025.
  31. ^ Geiger, Daniel; Anuta, Joe (July 23, 2018). "12 ways to make money in real estate". Crain's New York Business. Retrieved May 2, 2025.
  32. ^ Chen, I-Chun (April 3, 2023). "Pfizer officially unveils new headquarters at Hudson Yards". New York Business Journal. Archived from the original on April 4, 2023. Retrieved May 2, 2025.
  33. ^ D'Ambrosio, Amanda (April 3, 2023). "Pfizer opens global headquarters in Hudson Yards as empty offices reach pandemic levels". Crain's New York Business. Retrieved May 2, 2025.
  34. ^ a b Luck, Brad (June 25, 2024). "Former Pfizer headquarters on 42nd Street to become apartments". NBC New York. Retrieved May 2, 2025.
  35. ^ a b Bockmann, Rich (March 14, 2024). "Nathan Berman plots largest office-to-resi conversion with former Pfizer HQ". The Real Deal. Retrieved May 2, 2025.
  36. ^ a b Ford, James (June 27, 2024). "Former Pfizer HQ in NYC to be turned into apartments". PIX11. Archived from the original on June 28, 2024. Retrieved May 2, 2025.
  37. ^ Coen, Andrew (August 21, 2024). "Northwind Lends $75M on Office-to-Resi Conversion of Former Pfizer HQ". Commercial Observer. Archived from the original on November 11, 2024. Retrieved May 2, 2025.
  38. ^ Russo, Anthony (August 22, 2024). "Manhattan Building Gets $75M Loan to Fund 'Largest Conversion Project in NYC History'". GlobeSt. Archived from the original on February 10, 2025. Retrieved May 2, 2025.
  39. ^ Schiavo, Amanda (October 23, 2024). "Metro Loft and David Werner Secure Full Control of Former Pfizer HQ". Commercial Observer. Archived from the original on March 12, 2025. Retrieved May 2, 2025.
  40. ^ "Metro Loft, David Werner acquire full control of former Pfizer HQ in Grand Central". PincusCo. October 23, 2024. Archived from the original on November 11, 2024. Retrieved May 2, 2025.
  41. ^ Wong, Natalie (January 29, 2025). "Project to convert former Pfizer HQ into housing lands $135M loan". Crain's New York Business. Bloomberg. Archived from the original on January 31, 2025. Retrieved May 2, 2025.
  42. ^ "David Werner, Metro Loft land $135M loan for Pfizer HQ conversion". The Real Deal. January 29, 2025. Retrieved May 2, 2025.
  43. ^ Media, PincusCo (February 20, 2025). "David Werner pays $140M to Kayden family for fee under Pfizer building, borrowing $135M". PincusCo. Retrieved May 2, 2025.
  44. ^ a b "Metro Loft, David Werner near nabbing record loan for Pfizer HQ conversion". The Real Deal. May 1, 2025. Retrieved May 2, 2025.

40°45′02″N 73°58′21″W / 40.750451°N 73.972562°W / 40.750451; -73.972562

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