Conversion of 200 Park Avenue, New York

Deal value: $350 Million

Acquisition and planned conversion of a 500,000 SF Midtown Manhattan office tower into 400 luxury residential units, capitalizing on demand for urban housing.

The core investment motivation is to capitalize on the structural shift in Manhattan’s real estate market, where high office vacancy and surging demand for urban housing create a compelling arbitrage opportunity. The strategic purpose is to unlock value from underutilized office assets by converting them into luxury residential units, targeting affluent renters seeking prime Midtown locations. This investment is driven by the belief that office demand will remain structurally lower post-pandemic, while residential demand—especially for high-end units—remains robust.