Nathan Berman

Real estate mogul Nathan Berman plans NYC’s largest office-to-residential conversion, targeting Pfizer’s former HQ on East 42nd Street. With a deal struck, roughly 1,500 rental units are set to surpass his ongoing 1,300-unit project at 25 Water Street. Berman aims to acquire a 50% stake from investor David Werner, who bought interests in the buildings five years ago. Werner owns the leasehold of the larger tower and is negotiating for the ground beneath it. The move adds to NYC’s growing trend of office-to-resi conversions, including Jeff Gural’s recent contract for 222 Broadway, slated for 600-800 units.