Nearly 400,000 SqFt Building was Former Headquarters of The Roman Catholic Archdiocese of New York and Will Be Converted to 420 Residential Units
Vanbarton Group, a privately owned, vertically integrated real estate development, investment, and advisory firm, today announced the acquisition of 1011 First Avenue for $103,000,000 from The Roman Catholic Archdiocese of New York. The loan is being provided by Eldridge Real Estate Credit, the real estate investing strategy of Eldridge Capital Management. The 20-story, nearly 400,000 square foot property has been the headquarters for the Archdiocese since 1973, and was known as the Cardinal Terrence Cooke Center. Vanbarton plans to convert the building into a 26-story, 420-unit luxury residential property, which includes 105 affordable housing units, nearly 8,000 square feet of retail at the base, and over 55,000 square feet of amenities.
Vanbarton has established itself as one of the leaders in the rapidly growing office-to-residential conversion movement in New York City. Its most recent success with Pearl House—a conversion of 160 Water Street in the Financial District that launched last year and quickly leased up—has positioned the firm at the forefront of adaptive reuse. With several additional conversion projects underway or under contract—including 77 Water Street, 6 East 43rd Street, 2601 Elliott Avenue in Seattle, and the just completed Quincy at 980 Avenue of the Americas—Vanbarton is now bringing its downtown transformation momentum to the Midtown neighborhoods of New York City, as well as nationally.
The Archdiocese of New York thoughtfully transitioned its Catholic Center to 488 Madison Avenue, a right-sized workspace that brings them closer to St. Patrick’s Cathedral. After more than 50 years of faithful service from 1011 First Avenue, the Archdiocese recognized an opportunity to better align its physical presence with its pastoral mission. The move positions leadership closer to the Cathedral and the vibrant heart of Catholic life in New York, while allowing resources to be directed more intentionally toward the communities it serves. This transition reflects the Archdiocese’s ongoing commitment to being good stewards of both its mission and its resources, particularly as a way to help address the ongoing housing crisis families continue to face.
Eldridge Real Estate Credit invests in real estate credit opportunities throughout the US, UK, and Europe, including construction, transitional, and special situation opportunities across the capital structure. The platform has originated over $10 billion in loans, leveraging an experienced team with a disciplined approach seeking to create long-term value.
“The addition of 1011 First Avenue to our portfolio marks a significant step in expanding our office-to-residential conversion efforts, building on the success of nearly two decades of converting underutilized real estate, encompassing over 5 million square feet and 5,000 residences,” said Joey Chilelli, Principal at Vanbarton Group. “This transformation underscores our expertise in revitalizing existing architecture to create elevated residential experiences and reinforces our enduring commitment to innovation and community-driven development.”
“This transaction marks our first office-to-residential conversion in New York, a strategy we intend to grow,” said Matthew Rosenfeld, Head of US Real Estate Credit at Eldridge Capital Management. “New York City is in need of quality new homes and we are proud to support Vanbarton as they unlock this asset’s residential potential with creativity and vision.”
“This was the perfect opportunity at the right time for great partners,” said Doug Middleton, Vice Chairman at CBRE. “The building will blend seamlessly into the area while serving its best possible use. As the Archdiocese moved to its new home, it presented an exceptional conversion opportunity that includes affordable housing, fitting naturally within a vibrant residential neighborhood. The Vanbarton Group has the experience and track record in these types of conversions to make this project a success for everyone involved.”
CBRE’s Doug Middleton and Pierre Hills advised the Archdiocese on the sale, and Greenberg Traurig represented Vanbarton Group.
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