(NEW YORK) -- New York City officials began reopening some streets and buildings in Midtown Manhattan Wednesday, after engineering crews stabilized a building that was at risk of a partial collapse due to buckling beams.

Engineers worked throughout Tuesday night and the following morning to shore up the compromised floors at 235 E. 42nd St., the former Pfizer corporate building that is currently being converted into residential apartments.

"Right now, we have been in a consistent and stable and safe situation. We have been able to bring in a plan and materials to stabilize the impact," New York City Buildings Commissioner Ahmed Tigani said Wednesday.

The building was evacuated Tuesday morning after construction crews discovered buckling beams on the 21st floor of the 37-story building. The 21st through 26th floors began caving as a result, according to DOB.

A five-by-three-block frozen zone was established to prohibit pedestrians and vehicles around the site. Nine buildings were evacuated as crews carefully made their way into the compromised building and worked to secure it.

Emergency shoring was installed from the 18th through 23rd floors, including structural steel shoring columns on the 21st and 22nd floors, and light-duty shoring posts on four other floors, the DOB said on Wednesday.

No additional movement has been detected as of Tuesday morning, according to DOB officials.

As of Wednesday afternoon, three nearby buildings remained vacated, along with one restaurant located near the site, DOB said.

The frozen zone was also scaled back. Vehicles are prohibited from entering 42nd and 43rd streets between 2nd and 3rd avenues, the city said.

The DOB is currently conducting an investigation of the incident, which it said "will include a detailed review of all associated plans and construction documents, interviews with witnesses and responsible parties, a full inspection sweep of the entire construction site, and review of available video and photo evidence."

MetroLoft, the developer of the conversion project, said Wednesday that it will fully rebuild the impacted areas of the building and that the building was never at risk of collapse.

"We have been working closely with the Department of Buildings to rectify the situation. Our team worked through the night stabilizing the affected columns, and the DOB has confirmed the structure is now stable," MetroLoft said in a statement on Wednesday. "We have identified the issue and developed a clear plan to fix it. This is a localized situation affecting less than 30 apartments out of over 1,600. At no time was the building, or any portion of it, at risk of collapse."

"We are in the process of addressing the issue and will fully rebuild this portion of the building in tandem with ongoing construction," the statement continued. "We remain on schedule, and this work will not delay delivery of the building as it is such a small portion of the project. We are working around the clock so that operations can resume and life in the area can return to normal."

DOB said that it ordered the building's owner to retain a third-party engineer to conduct a forensic evaluation.

The construction project is one of the city's largest commercial-to-residential conversions in city history, officials said.

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