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**JV Acquires 29 W. 35th Street for First Major Midtown South Office-to-Residential Conversion**
A joint venture led by Marty Burger of Infinite Global Real Estate Partners and Andrew Heiberger of Buttonwood Development, in collaboration with 400 Capital Management LLC, has announced the acquisition of 29 West 35th Street in Manhattan. The project marks the first significant office-to-residential conversion under the newly adopted Midtown South Mixed-Use Plan.
The redevelopment will introduce 107 boutique studio residences, transforming the 71,180-square-foot office and retail property into much-needed housing. The initiative aims to serve as a model for the revitalization of Midtown South by repurposing vacant or underutilized office space in the post-pandemic era.
Financing for the transaction was arranged through Allegiant and 400 Capital Management, with additional equity contributions from David Levinson of L&L Holding and Terracotta Management.
“New York City is home to some of the world’s most beautiful and iconic structures, many of which have outlived their original commercial purpose but possess incredible architectural character that deserves preservation,” said Marty Burger. “Rather than tearing these buildings down, we have an incredible opportunity to breathe new life into them as homes for New Yorkers.”
The $25 million sale was brokered by a Colliers team led by Zach Redding, Dylan Kane, and Matt Mastrocola. Debt representation for the joint venture was provided by Ben Schlegel of Ariel Property Advisors, while Richard Stanton represented lender Allegiant.
This project reflects a growing trend toward adaptive reuse and aligns with citywide efforts to address housing shortages by converting obsolete office buildings in key districts into residential developments.
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Interested in learning more about adaptive reuse, distressed assets, and multifamily investment opportunities in New York? Connect with industry leaders at the upcoming Connect New York Apartments Investment & Finance conference on October 23. The event will provide insights into policy changes, capital markets, and strategies for navigating today’s evolving real estate landscape.
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