A Manhattan high-rise, the former Pfizer global headquarters, being converted into over 1,600 apartments by developers MetroLoft and David Werner, experienced a serious structural emergency. On Tuesday, July 8, 2026, two columns on the 21st and 22nd floors buckled, causing nearby floors to sag. New York City Fire Department Chief John Esposito stated the building continued to move hours after initial reports, leading to the evacuation of several blocks and five nearby buildings remaining partially evacuated.
The structural issues were attributed to the added weight from new construction required for the conversion of the 33-story main tower (235 East 42nd Street) and the 10-story annex (219 East 42nd Street). The New York City Department of Buildings filed a construction safety complaint against the developers, citing a lack of approvals for foundation work. While officials primarily anticipated a localized collapse rather than total destruction, the situation remained dangerous with FDNY drones monitoring the building for movement.
By Wednesday, the city's buildings commissioner, Ahmed Tigani, declared the structure temporarily stable as stabilization efforts continued. This incident underscores critical safety and regulatory oversight issues in the growing trend of converting office spaces into residential units, especially as New York City aims to address its housing crunch through such projects. Madison Realty Capital had provided a $720 million construction loan for the project in May 2025, which is expected to be completed by late 2027.
