IPA Capital Markets arranges $93.5m construction financing for office-to-residential conversion

Manhattan, NY IPA Capital Markets, a division of Marcus & Millichap, arranged the $93.5 million construction financing for the office-to-residential conversion of 830 Third Ave. The 13-story building will be converted into 188 rental apartments.

IPA Capital Markets’ Marko Kazanjian, Max Herzog, Max Hulsh and Andrew Cohen, based in Manhattan, arranged financing through Deutsche Bank on behalf of the developers, a joint venture between Namdar Realty Group and Empire Capital Holdings. The project will utilize New York State’s 467-m affordable housing office to residential conversion tax incentive program.

“In 2025 alone, our team closed $913 million in office-to-residential conversions across New York City, with additional transactions expected to close over the next 30 days, subject to standard closing requirements, together representing over 2,000 residential units,” said Kazanjian.

Built in 1958, the property was renovated in 1994 and consists of 147,101 rentable s/f, with 139,980 rentable s/f of office space and 7,121 s/f of ground-floor retail space. Upon completion, the property will feature 124 studio units, 60 one-bedroom units and four two-bedroom units.