Details of Vanbarton, AVRS $103M contract for Sutton Place office-to-resi conversion disclosed
1011 First Avenue (Credit - Google)
Vanbarton Group is partnering with Edmond M. Safra and Adnane Mousannif’s AVRS Partners in its conversion of the Sutton Place office building at 1011 First Avenue from an office building into a 420-unit residential building, court records filed last week disclosed. Vanbarton Group and AVRS Partners are paying the Roman Catholic Church’s Archdiocese of New York $103 million for the building, according to the contract, dated October 9, 2025.
The new details about the partnership and the purchase price were disclosed in a filing required when nonprofits and religious group seek to sell major assets. The petition and additional documents were filed May 21, 2025, in New York State Supreme Court in Manhattan.
Case 156610/2025 LINK
Bloomberg reported on the contract and plans to convert the office building to residential just after the deal was signed last fall, but did not provide the specific price or mention the partners.
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• Vanbarton files to convert 77 Water in FiDi into 651-unit apartment building (February 25, 2025)
PincusCo earlier this month first reported Vanbarton Group had filed city Department of Buildings plans, that call for 420 units.
Vanbarton Group filed plans with the city’s Department of Buildings to convert and expand a long-time Catholic Archdiocese of New York office building at 1011 First Avenue in Sutton Place, Manhattan, to a 420-unit apartment building.
Joseph Chilelli, a principal of Vanbarton Group, through the entity X11 First Ave LLC, submitted the major alteration application for the renovation and expansion of the 20-story office building. The plan was filed with the New York City Department of Buildings on May 7, 2025 under job number M01216837. It calls for the increase in size of the building from a 20-story building with no dwelling units to a 26-story building with 420 dwelling units. The project is described in the filing as: application filed for the conversion and enlargement of existing building as shown.
According to the court petition, “VBG 1011 MM LLC and AVRS X11 First Ave OS LLC will ultimately be owned by Gary Tischler, Richard Cole, Edmond Safra and Adnane Mousannif, Purchaser anticipates that the General Partner will have additional investors (this information has not been finalized)… the Purchaser intends to convert the Property from its current commercial use to residential and retail use pursuant to the New York State tax incentive program ‘Affordable Neighborhoods for New Yorkers’… the Purchaser will designate at least 25% of the residential units created, to be marketed as affordable apartments… Broker Commission to CBRE of $1,460,000…”
Direct link to the property’s ACRIS page and link to DOB NOW portal.