Vanbarton Group secures $300M loan from Brookfield for Midtown office-to-residential conversion on 6 East 43rd Street
Vanbarton Group continues its trend of converting office spaces to residential units with a $300 million loan from Brookfield for their latest project on 6 East 43rd Street in Midtown.
The New York-based real estate investment firm, Vanbarton Group, has locked in a $300 million loan from Brookfield for their latest office-to-residential conversion project in Midtown. The loan will be used to finance Vanbarton's $135 million purchase of 6 East 43rd Street from the Milstein family's Emigrant Savings Bank.
The 400,000-square-foot building will be converted into 441 rental apartments, including 111 affordable units. This conversion aligns with Vanbarton's trend of transforming office spaces into residential units in New York City.
Brookfield's loan will also be utilized to take advantage of a tax break recently introduced by Governor Kathy Hochul, known as 467m. This initiative offers developers a tax break if they allocate 25 percent of their conversion units as affordable housing for those making 80 percent of the area's median income.
"We are excited to partner with Brookfield and continue our efforts in converting office spaces into much-needed residential units in New York City," said Vanbarton's managing partner, Richard Coles. "This project not only supports Governor Hochul's affordable housing initiative but also aligns with our company's values of creating housing options for all income levels in the city."
Originally reported by The Real Deal.
https://therealdeal.com/new-york/2025/09/30/vanbarton-office-to-resi-midtown-conversion-brookfield/