NYC Is Racing to Secure \u2018Unstable\u2019 Midtown Manhattan Building<\/a><\/p>\nThe developer reiterated that \u201cat no time was the building at risk of collapsing,\u201d nor did anything fall from the building.<\/p>\n
Metro Loft will work closely with the New York City building department to see whether the contractors and subcontractors followed all of the approved plans, Berman said. \u201cWe will investigate to make sure that the reinforcement that was required in places was in fact placed in the right place, in the right amount,\u201d he said. \u201cOnce that\u2019s done, we can basically start correcting.\u201d<\/p>\n
Earlier on Tuesday, the Fire Department of New York closed streets from 40th to 45th between First and Third Avenues and evacuated several nearby buildings.<\/p>\n
![\"\"](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/07\/NYC-building-evacuations-Bloomberg-1-580x422.jpg\")
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\u201cIt was maybe a lot of caution but that\u2019s a good thing,\u201d Berman said, adding that Metro Loft is \u201cvery appreciative of the city acting as quickly as they have and being as proactive as they were. If we had a real problem at the building, this would have been a very important step, and they wisely took it.\u201d<\/p>\n
Last year, Madison Realty Capital provided $720 million for the project, which it said was the largest-ever loan of its kind. Berman says the incident will not impact the loan. \u201cWe are ahead of schedule in the building anyways,\u201d he said. A spokesperson for Madison Realty didn\u2019t immediately respond to a request for comment.<\/p>\n
Metro Loft has become one of New York\u2019s biggest developers of office-to-residential conversions, including the completed conversion of former JPMorgan Chase & Co. and Goldman Sachs Group Inc. offices downtown. Its current projects also include conversions of 675 Third Ave. and 111 Wall St.<\/p>\n
![\"\"](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/07\/NYC-45th-St-building-collapse-Bloomberg-580x387.jpg\")
235 East 42nd Street after reports of falling debris during an office-to-residential conversion in New York, US, on Tuesday, July 7, 2026. Construction crews were pulled from a 37-story Midtown Manhattan building Tuesday morning after bricks were reported falling from the 21st floor, emergency officials said, prompting building evacuations and street closures in one of the city\u2019s busiest corridors. Photographer: Michael Nagle\/Bloomberg<\/p>\n
The problem at the Pfizer building won\u2019t affect those projects, Berman said. \u201cThis could not have been systemic,\u201d he said. There are thousands of columns in a building that\u2019s being reinforced, and \u201cit\u2019s possible that you may miss something here or there. That\u2019s human error unfortunately.\u201d<\/p>\n
The project will likely experience a few weeks delay, he said. \u201cIt\u2019s a localized problem that may delay my delivery of those particular section of the floors,\u201d he said. \u201cIt\u2019s less than 1%, a fraction of the building. It\u2019s frankly not a major issue for us at all.\u201d<\/p>\n
Top Photo: Emergency vehicles near barricades blocking a street following reports of falling debris at 235 East 42nd Street during an office-to-residential conversion in New York, US, on Tuesday, July 7, 2026. Construction crews were pulled from a 37-story Midtown Manhattan building Tuesday morning after bricks were reported falling from the 21st floor, emergency officials said, prompting building evacuations and street closures in one of the city\u2019s busiest corridors.<\/p>\n
Copyright 2026 Bloomberg.<\/p>\n
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![\"\"](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/07\/NYC-building-column-Bloomberg-580x387.jpg\")
A column appears to be separated from the building after reports of falling debris at 235 East 42nd Street in New York on July 7.<\/p>\n