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235 East 42nd Street was built in 1910 and has a total of 1500 rental apartments. Located in Murray Hill, 235 East 42nd Street is very close to the 4, 5, 6 and 7 subway lines.
Similar nearby buildings include 225 East 39th Street, 150 East 34th Street and 7 Dey Street.
In late May 2025, developer Madison Realty Capital originated a $720 million loan to a joint venture between Metro Loft Developers and David Werner Real Estate, the team developing and converting the former Pfizer headquarters on East 42nd Street to a multi-family building.
Upon completion, the building will feature 1,602 housing units, 25% of which will be designated affordable. The apartments will start on top of approximately 30,000 square feet of ground-floor retail space and feature high-end finishes, in-unit laundry, and integrated smart home technology. There will be over 100,000 square feet of amenities.
Pharmaceutical giant Pfizer's former headquarters near Grand Central Terminal is in the midst of a conversion to about 1,600 rental apartments, with the first move-ins estimated for the end of next year. It is located near many Manhattan offices and is expected to offer amenities like a gym, a rooftop pool, lounges, coworking space, and in-unit laundry. Some industry experts expect the influx of residential tenants to inspire the construction of more retail, food, and beverage establishments nearby, which will make the area even more attractive to renters.
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