Marcus & Millichap’s IPA Capital Markets Arranges $93.5M Financing for Manhattan Office-to-Residential Conversion
January 13, 2026
NEW YORK, Jan. 13, 2026 – 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.
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.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.