McGraw Hill building residential conversion to begin this summer

BY NATALIE SACHMECHI

The famed McGraw Hill building, once home to the eponymous publishing house, is slated to begin converting some of its floors to apartments this summer. Its owner, Resolution Real Estate Partners, revealed last year that it was mulling a partial conversion of the building at 330 W. 42nd St. in response to a struggling office market.

The company announced last Monday that floors 12 through 32 will be converted to 224 luxury, loft-style rental apartments, while floors 33 and 34 will have amenity space for residents.

The units will have 12- to 15-foot ceilings and large windows.

The first 11 floors will be revamped as amenitized office space that will feature 7- to 12-foot-high operable windows. The renovations will cost $100 million, and the entire project is expected to be complete as soon as the second quarter of 2024, according to Resolution.

The residences will be studio, one-bedroom and two-bedroom apartments and will have an entrance separate from the office portion of the building.

The renovations will include a modernized lobby that connects the lower level and ground and second floors with a 35-foot atrium. It will also have lounges and conference rooms plus a wellness center and landscaped outdoor terraces.

Resolution had already spent $120 million in 2021 to renovate the 650,000-square-foot building, including replacing its HVAC system. The company says it currently has no plans to convert other properties in its portfolio. Last month now-defunct lender Signature Bank began marketing for sale a $140 million performing loan attached to the building.

Other conversions

The largest office-to-residential conversion in the city, 1 Wall St., was completed by Macklowe Properties; it plans to begin moving in residents this month. Metro Loft Management and Fortress Investment Group are working on plans to convert 85 Broad St. to apartments.

Mayor Eric Adams’ administration is currently working on plans to amend the city’s zoning regulations to encourage more office conversions in areas that do not allow the construction of apartments, including the Garment District and parts of Midtown. ■