Developer Vanbarton Group has agreed to buy a Midtown Manhattan building that houses Emigrant Bank offices, with the intent to convert it to housing, according to people familiar with the deal.
Vanbarton is under contract to buy 6 E. 43rd St. from Milstein Properties for about $140 million, said the people, who asked not to be named citing private information.
A spokesperson for Vanbarton declined to comment. A spokesperson for Milstein didn’t immediately respond to a request for comment. Eastdil Secured is handling the transaction. A representative for the firm declined to comment.
Developers have been scooping up older office buildings in Manhattan with the goal of converting them to apartments as demand for housing in the city remains high. Vanbarton has been particularly active, with deals including its purchase of 1011 First Ave. from the Archdiocese of New York and 77 Water St. downtown.
Vanbarton also is planning to convert 2601 Elliott Ave. in Seattle, a distressed office project, to housing.
The 43rd Street building is near Grand Central Terminal and close to the former headquarters of Pfizer Inc., which Metro Loft and David Werner Real Estate Investments intend to transform into roughly 1,600 apartments.
