Financing secured to convert Midtown office tower into up to 450 apartments

Northwind Group, a Manhattan real estate private equity firm and debt fund manager, said Monday it originated a $231 million first mortgage construction loan for 675 Third Avenue, a 32-story, 337,000-square-foot office building in Midtown East.

According to Northwind, the loan proceeds retired the property's existing debt and will fund the conversion of the building into up to 450 residential rental apartments. Twenty-five percent of the units will be affordable under the city's 467-m program.

A joint venture of Metro Loft Management, led by Nathan Berman, and David Werner Real Estate Investments is leading the conversion. Northwind said the venture bought the building in April 2025 with a $90 million acquisition loan from Northwind and has since advanced the project through planning and predevelopment, with preliminary construction activities already taking place on site.

Northwind said Collaborative Construction Management will serve as construction manager and Gensler is the architect of record. The loan came from Northwind's NDF III debt fund.

The announcement describes the financing, not a finished project. It does not give a completion date.

(The photo is a generic file photo of the Midtown Manhattan skyline and does not show 675 Third Avenue.)