Metro Loft files plans for 25 apartments on one floor of 205 E. 42nd St. in Grand Central

Metro Loft Management submitted a major alteration application for the conversion of just the 15th floor of the 437,114-square-foot office building at 205 East 42nd Street in Grand Central, Manhattan.

The property was purchased by a partnership of David Werner and 601West Companies. The plan was filed on April 20, 2026. It calls for a conversion on just that floor within the 239-foot-tall, twenty-story building and was filed with the New York City Department of Buildings under job number M01385373. The project is described in the filing as: MPP project-000000603. Filing for the conversion of the 15th floor from commercial to residential use as shown. All other floors are existing to remain as commercial and have no changes. The applicant is the Registered Architect Ambrose Aliaga Kelly of Gensler.

The Commercial Observer reported last fall that David Werner, in partnership with 601West Companies, was leading a $165 million purchase of 205 East 42nd Street. PincusCo reported that so far, only $150 million in transfers has been recorded.

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 5th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Grand Central is the 5th most active neighborhood among other neighborhoods. It had 11.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 26 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 surrounding

Within a 400-foot radius of 205 EAST 42 STREET, PincusCo identified 19 commercial real estate items of interests occurred over the past 24 months.
Of those 19 items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $38.3 million. The most recent of these two items was the filing on October 6, 2025 for a 907,907-square-foot business (B) building with zero residential units at 220 East 42nd Street.
Of those 19 items, eight were sales above $5 million totaling $495.2 million. The most recent of the eight was David Werner Real Estate Investments and 601West Companies which bought eight condo units in the 21,410-square-foot, 32-unit industrial (RI) on 205 East 42nd Street and zero other properties for $11.3 million from Durst Organization on November 25, 2025.
Of those 19 items, nine were loans above $5 million totaling $1.6 billion. The most recent of the nine was David Werner Real Estate Investments and 601West Companies in which borrowed $104 million from JPMorgan Chase secured by 32 condo units in the 23,020-square-foot, 32-unit industrial (RI) on 205 East 42nd Street and one other property on November 25, 2025.

Direct link to the property ACRIS page and link to DOB NOW portal.