Metro Loft files conversion plans for 464 units at 675 Third in Grand Central
675 Third Avenue (Credit - Cyclomedia)
Metro Loft Management through the entity 675 GC LLC submitted a major alteration application for a conversion of the commercial (COM) building at 675 Third Avenue in Grand Central, Manhattan into a residential building with 464 apartments. The plan was filed with the New York City Department of Buildings on September 8, 2025 under job number M01259040. The project is described in the filing as: conversion of existing commercial office building to residential. Robert Travis of Metro Loft Management filed the plans. The architect is Gensler.
David Werner’s David Werner Real Estate Investments signed a contract to buy the property for $100 million from the Durst Organization , The Real Deal reported in January 2025. Werner at the time was speaking with Metro Loft Management to be the operating partner, the publication reported. The parties formalized the joint venture and closed in April with a purchase of the property through the entity 675 Third Owner LLC.
675 Third Avenue
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | Floor | Use | Residential units |
|---|---|---|---|---|---|---|---|
| 1 | acris | 09/12/2025 05:02 AM | acris | 09/12/2025 05:02 AM | Cellar | mechanical, bike storage | |
| 2 | acris | 09/12/2025 05:02 AM | acris | 09/12/2025 05:02 AM | 1 | retail A, bank, lobbby | |
| 3 | acris | 09/12/2025 05:02 AM | acris | 09/12/2025 05:02 AM | 2 | apartments | 15 |
| 4 | acris | 09/12/2025 05:02 AM | acris | 09/12/2025 05:02 AM | 3 | apartments | 22 |
| 5 | acris | 09/12/2025 05:02 AM | acris | 09/12/2025 05:02 AM | 4 | apartments | 22 |
| 6 | acris | 09/12/2025 05:02 AM | acris | 09/12/2025 05:02 AM | 5 | apartments | 22 |
| 7 | acris | 09/12/2025 05:02 AM | acris | 09/12/2025 05:02 AM | 6 | apartments | 22 |
| 8 | acris | 09/12/2025 05:02 AM | acris | 09/12/2025 05:02 AM | 7 | apartments | 14 |
| 9 | acris | 09/12/2025 05:02 AM | acris | 09/12/2025 05:02 AM | 8 | apartments | 14 |
| 10 | acris | 09/12/2025 05:02 AM | acris | 09/12/2025 05:02 AM | 9 | apartments | 14 |
Metro Loft Management is also pursuing conversions at 235 East 42nd Street, 25 Water Street and 55 Broad Street.
The property
The office building in Grand Central has 289,356 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 105 feet deep with a total lot size of 18,578 square feet. The lot is irregular. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $99 million. The most recent loan totaled $67.5 million and was provided by Northwind Group on April 1, 2025.
Prior sales and revenue
This property was sold by Durst Organization for $100.2 million to David Werner Real Estate Investments and Metro Loft Management on April 1, 2025.
The 289,356-square-foot property generated revenue of $17.6 million or $61 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has received $2,900 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Grand Central, The majority, or 83 percent of the 44.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has the 7th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Grand Central is the 7th most active neighborhood among other neighborhoods. It had 7.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the four commercial properties representing 1,261,818 square feet of the 1,403,226 square feet. The two identified owners are David Werner Real Estate Investments and Metro Loft Management. There are no active new building construction projects on this tax block.
The owner
The PincusCo database currently indicates that David Werner Real Estate Investments owned at least seven commercial properties with 133 residential units in New York City with 2,404,265 square feet and a city-determined market value of $741.4 million. (Market value is typically about 50% of actual value.) The portfolio has $100 million in debt, borrowed from Northwind Group. Within the portfolio, the bulk, or 95 percent of the 2,404,265 square feet of built space are office properties, with elevator properties next occupying 5 percent of the space. They are all located in Manhattan.
The surrounding
Within a 400-foot radius of 673 3 Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. One of those six items was a sale which Metro Loft Management and David Werner Real Estate Investments bought the 300,000-square-foot, one-unit office building (O3) on 219 East 42nd Street for $60 million from Alexandria Real Estate Equities on August 26, 2024. Of those six items, five were loans above $5 million totaling $1.1 billion. The most recent of the five was Metro Loft Management and David Werner Real Estate Investments in which borrowed $540 million from Madison Realty Capital secured by the 672,462-square-foot, one-unit office building (O3) on 219 East 42nd Street and one other property on May 29, 2025.
Direct link to the property’s ACRIS page and link to DOB NOW portal.