Robert Khodadadian — Skyline Properties — Off-Market Manhattan Commercial Real Estate — 6 East 43rd Street
Manhattan's Largest Office-to-Residential Conversion
400,000 SF
2025
Overview
This landmark transaction represents one of the most significant office-to-residential conversions in Manhattan history. Skyline Properties identified Vanbarton Group as the ideal buyer for this 27-story Midtown tower and structured a deal that maximizes value through the 467-m tax abatement program.
The Challenge
The property owner, Emigrant Savings Bank (Milstein Properties), needed to exit a large obsolete Class B office building in a challenging market environment. Traditional office tenants were not materializing, and the building required significant capital investment to remain competitive.
Our Solution
Skyline Properties identified the conversion opportunity and connected the seller with Vanbarton Group, a developer with deep expertise in office-to-residential conversions. We structured the transaction to leverage the 467-m tax abatement program, which provides significant property tax benefits for creating affordable housing units.
The Result
The deal closed at $135 million, with Brookfield providing $300 million in construction financing. The building will be converted to 441 rental apartments, including 111 affordable units. This represents a win-win outcome: the seller achieved an exit at fair value, and the buyer secured a premier conversion opportunity with favorable tax treatment.
Key Takeaways
- Largest office-to-residential conversion in recent Manhattan history
- 467-m tax abatement provides significant property tax benefits
- Off-market sourcing delivered buyer ahead of public marketing
- Partnership with institutional financing (Brookfield) enabled execution
Press Coverage
4 articles · 2 outletsDeal Metrics
Transaction Parties
Buyer
Vanbarton Group
Seller
Emigrant Savings Bank (Milstein Properties)
Financing
$300M construction loan from Brookfield
Neighborhood
Midtown ManhattanHave a Similar Property?
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More press on 6 East 43rd Street
10 canonical press features documenting the $135M transaction at 6 East 43rd Street.
Vanbarton Closes $135M on 6 East 43rd Street
Vanbarton Group has closed on the acquisition of 6 East 43rd Street for $135 million with Brookfield providing $300M construction loan.
6 East 43rd Street - $135M Office Sale
Traded.co deal page for 6 East 43rd Street $135M sale to Vanbarton Group.
6 East 43rd Street - Midtown Office Conversion Comp
Crexi comparable sale page for 6 East 43rd Street $135M Midtown office-to-residential conversion acquired by Vanbarton Group from Emigrant Savings Bank.
6 East 43rd Street - $135M Midtown Office Sale
Traded.co deal page for 6 East 43rd Street $135M sale from Emigrant Savings Bank to Vanbarton Group for office-to-residential conversion with $300M Brookfield financing.
Vanbarton Group Pays $135M to Emigrant Bank for Office-to-Resi Conversion
Vanbarton Group finalizes $135M acquisition of 6 East 43rd Street from Emigrant Savings Bank, securing $300M construction loan from Brookfield for 441-unit residential conversion.
Vanbarton Office to Resi Midtown Conversion Brookfield
Vanbarton closes $135M 6 East 43rd Street acquisition with Brookfield $300M construction loan.
Vanbarton Group Closes on the Next Office to Resi Conversion, 6 East 43rd Street
Vanbarton Group closes on $135M acquisition of 6 East 43rd Street for office-to-residential conversion with $300M Brookfield financing.
Vanbarton 6 East 43rd Street Conversion $135M
Vanbarton acquires 6 East 43rd Street for $135M office-to-residential conversion.
Vanbarton Group Buying 6 East 43rd Street for Conversion
Vanbarton Group has agreed to buy 6 East 43rd Street from Emigrant Savings Bank for $135M for residential conversion.
Vanbarton Buys 6 East 43rd Street for Resi Conversion
Vanbarton Group acquires 6 East 43rd Street from Emigrant Savings Bank for $135 million residential conversion.
Price, buyer, seller, $/SF, source citations
