The United States' largest office-to-residential conversion project, the former Pfizer headquarters in Midtown Manhattan, is affected by a structural emergency. Construction work on the Metro Loft and David Werner project, which is being carried out at 235 East 42nd Street and 219 East 42nd Street, was abruptly halted on Tuesday morning following reports of bent support columns and sagging floors.
Construction workers were evacuated after emergency teams identified two bent support columns and several sagging upper floors within the 37-storey high-rise at 235 East 42nd Street. A large contingent of the New York City Fire Department is on site, Second Avenue has been closed, and offices along East 42nd Street and adjacent buildings have been evacuated. Reports of falling bricks and a compromised steel beam on the 21st floor, identified by a security officer, led emergency services to the construction site early in the morning. Just hours later, floors 21 to 26 began to collapse, as FDNY sources told Pix11.
A Metro Loft spokesperson stated: “We are working closely with the Department of Buildings to understand the full extent of the situation. The safety of our workers and the public has been, and remains, our top priority.”
Building remains unstable
Council Member Zohran Mamdani and other city representatives confirmed at a press conference on Tuesday afternoon that the building remains unstable and has shifted further since the morning. Efforts to stabilise the building have been initiated, subject to necessary safety measures.
The former office buildings have been undergoing conversion since 2024 to accommodate more than 1,600 flats and create additional storeys. This makes the project the most significant office-to-residential conversion in the US. Project management is handled by developers David Werner and Metro Loft, while Gensler acts as the architect. GACE Consulting Engineers is listed as the structural engineer for the project but did not immediately respond to a request for comment.
Project Financing
The development partners secured full control of the leasehold for the Grand Central office building at 235 East 42nd Street in 2024. In the same year, financing for the adjacent nine-storey building at 219 East 42nd Street was secured. Northwind Group provided acquisition financing totalling $75 million in August 2024, and Madison Realty Capital financed a $720 million construction loan for the project in May 2025. Madison Realty Capital declined to comment, as did Gensler.
