NEW YORK, NY – October 8, 2025 – Ariel Property Advisors announced its Capital Services Group arranged a $68.1 million debt and equity package to finance the acquisition and residential conversion of 29 West 35th Street, a 12-story, mixed-use office building in Manhattan’s Midtown South.

An Ariel team that included Ben Schlegel, Director in the Capital Services Group, and Paul McCormick, Partner - Sales Management, negotiated the funding arrangement.

A joint venture between Marty Burger, CEO of Infinite Global Real Estate Partners, and Andrew Heiberger, Founder & CEO at Buttonwood Development, acquired 29 West 35th Street for $25 million, or $320/SF. The sponsors plan to convert the office building into 107 studio apartments, of which 25% will be leased to tenants making an average of 60% of the Area Median Income (AMI).

Situated within the recently approved Midtown South Mixed-Use (MSMX) rezoning district, the redevelopment will leverage the 467-m tax incentive for office-to-residential conversions, which requires the addition of affordable housing through the Mandatory Inclusionary Housing program.

“This is a very exciting project because it is one of the first examples of a developer taking advantage of the Midtown South Mixed-Use rezoning plan to increase housing density on the west side of Manhattan,” Schlegel said. “The sponsors are taking advantage of the 467-m tax abatement and, therefore, will offer much needed affordable housing to the area through the Mandatory Inclusionary Housing program.”

NOTE:For more information about the Manhattan investment sales market, please see Ariel Property Advisors’ Manhattan 2025 Mid- Year Commercial Real Estate Trends report.