Marcus & Millichap’s IPA Capital Markets Arranges $93.5M Financing for Manhattan Office-to-Residential Conversion

NEW YORK--(BUSINESS WIRE)--IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI) specializing in capital markets services for major private and institutional clients, announced today the $93.5 million construction financing for the office-to-residential conversion of 830 Third Avenue in Manhattan. The 13-story building will be converted into 188 rental apartments with a robust amenity program.

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 currently consists of 147,101 rentable square feet, with 139,980 rentable square feet of office space and 7,121 square feet of ground-floor retail space. Upon completion, the property will feature 124 studio units, 60 one-bedroom units and four two-bedroom units.

About IPA Capital Markets

IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 7,836 transactions with a sales volume of approximately $49.6 billion in 2024. The company had 1,712 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.