V
anbarton Group is expanding its Manhattan office conversion portfolio with a new acquisition. The firm, led by Gary Tischler and Richard Coles, has entered into contract to purchase the 20-story office building at 1011 First Avenue in Sutton Place from the Archdiocese of New York for over $100 million. CBRE's Doug Middleton advised the archdiocese on the sale. The deal is expected to close soon.

    This latest acquisition follows Vanbarton's recent purchase of 77 Water Street in the Financial District for $95 million, which will be converted into up to 600 rental units. The firm has a track record of successful office-to-residential conversions, including Pearl House at 160 Water Street and Hollingsworth at 70 West 37th Street.