Metro Loft Management and Quantum Pacific Secure $95M Loan for 767 Third Avenue Conversion

In a significant development for New York City’s commercial real estate market, Metro Loft Management and Quantum Pacific have successfully secured a $95 million loan for the conversion of 767 Third Avenue. The 200,000-square-foot office building, located in the heart of Manhattan, is set to undergo a major transformation into a luxury residential complex. The loan, provided by a prominent financial institution, will enable the joint venture partners to move forward with their ambitious plans for the property. The conversion project is expected to create over 100 high-end residential units, complete with top-of-the-line amenities and stunning views of the city. The building’s prime location, situated just a short walk from Grand Central Terminal, makes it an attractive prospect for potential residents. The joint venture partners, Metro Loft Management and Quantum Pacific, bring a wealth of experience and expertise to the project, having successfully completed numerous high-profile developments in the past. The conversion of 767 Third Avenue is the latest example of the ongoing trend of office-to-residential conversions in Manhattan, as developers seek to capitalize on the strong demand for luxury housing. The project is expected to generate significant revenue for the city, through the creation of new tax revenue streams and the stimulation of local economic growth. The development is also expected to create hundreds of jobs, both during the construction phase and once the building is fully operational. The luxury residential units will feature high-end finishes, including hardwood floors, marble countertops, and state-of-the-art appliances. Residents will also have access to a range of amenities, including a fitness center, rooftop lounge, and 24-hour concierge service. The building’s proximity to major transportation hubs, including Grand Central Terminal and the Queens-Midtown Expressway, makes it an ideal location for commuters. The conversion project is expected to be completed within the next two years, with the first residential units set to be available for occupancy in early 2027. The joint venture partners are working closely with local stakeholders, including community groups and city officials, to ensure that the development meets the needs of the surrounding neighborhood. The project has already generated significant interest among potential residents, with many expressing enthusiasm for the opportunity to live in a luxury residential complex in the heart of Manhattan. The conversion of 767 Third Avenue is a major milestone for Metro Loft Management and Quantum Pacific, and demonstrates their commitment to delivering high-quality, luxury residential developments in New York City. The project is also a testament to the strength and resilience of the city’s commercial real estate market, which continues to attract investment and talent from around the world. As the city continues to evolve and grow, the conversion of 767 Third Avenue is an exciting example of the innovative and dynamic developments that are shaping the future of Manhattan. The project’s success is expected to have a positive impact on the surrounding neighborhood, with the creation of new jobs, tax revenue, and economic growth. The joint venture partners are confident that the conversion of 767 Third Avenue will set a new standard for luxury residential developments in Manhattan, and are excited to bring this exciting project to life. With its prime location, stunning views, and luxurious amenities, the residential complex at 767 Third Avenue is set to become one of the most sought-after addresses in the city. The project’s completion is eagerly anticipated, and is expected to make a significant contribution to the ongoing revitalization of Manhattan’s commercial real estate market.

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