Vanbarton Group News Today

The Vanbarton Group defaulted on a $90 million Deutsche Bank loan backing 292 Madison Avenue

Bushburg plans to convert the skyscraper's offices into residential units.

It's easier said than done to convert fiscally distressed office towers into affordable housing.

HERNDON, Va. — Juan Ramirez, watching his dog play in Chandon Park here in suburban Virginia on a Saturday morning, tries to imagine the massive office buildings next to the park becoming apartments and townhouses. “I guess it’s inevitable. People don’t use offices as much now. I hope it’s affordable. Maybe it’ll bring more young people […] The post Too many cubicles, too few homes spur incentives to convert offices to housing appeared first on No...

New York wants to encourage more office-to-housing conversions. But swapping commercial tenants for residential ones isn’t always easy.

A closer look at Vanbarton Group’s Pearl House project, a 30-story office-to-residential conversion on NYC’s waterfront.

NYCIDA approved two tax abatements totaling nearly $100 million for two struggling office properties at 850 Third Avenue and 175 Water Street.

The Office Conversion Accelerator, launched by Mayor Eric Adams’s administration in August, has 46 buildings enrolled in the program.

Transforming unused office buildings into urban housing could solve two problems rippling through the real estate world — if only it were so easy.

Hybrid work has put office building owners in a bind and could pose a risk to banks. Landlords are now confronting the fact that some of their office buildings have become obsolete, if not worthless.