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“Any which way that we look at the numbers, there is tremendous momentum coming back into the office market,” says Ryan Masiello, cofounder and chief strategy officer of VTS, a real estate software firm.
From boardroom to bedroom: New Yorkâs empty office buildings and hotels may be ripe for conversion. 20 Broad Street, a converted office building in New Yorkâs financial district, has transformed a former vault into a lounge.Credit...Katherine Marks for The New York Times Dark windows. Quiet lobbies. Hushed halls. With many of New Yorkâs hotels and office buildings unoccupied for more than a year now â and questions over whether some will ever fill up again â an effort is afoot to convert some commercial structures into housing or other uses. The result could be a wave...
What Will Happen to All the Empty Office Buildings and Hotels? Commercial real estate has been hit hard by the pandemic, but there are plans to convert some of the now empty spaces into apartment buildings. The Hilton Times Square on West 42nd Street is now in the hands of a lender after closing during the pandemic and failing to pay its loans.Credit...Katherine Marks for The New York Times Dark windows. Quiet lobbies. Hushed halls. Many of New York’s hotels and office buildings have been empty for more than a year now as the pandemic continues to keep tourists and workers out of the city.
The Watson Hotel at 440 West 57th Street (Google Maps) New York legislators are still figuring out what a comprehensive commercial-to-residential program could look like in the city, but developers are already looking for opportunities. Metroloft Management, which has previously undertaken office-to-residential conversions, has found two “perfect targets” for market-rate rentals in Lower Manhattan, managing principal Nathan Berman told the New York Times. A deal to purchase those Class B buildings, which Berman declined to identify, is underway. “Covid has expedited the ultimate repurpo...
(Getty, iStock) It’s one of New York City’s biggest real estate events of the year: Thousands of attendees fill the Jacob Javits Center for the International Council of Shopping Centers retail show. The December event was canceled, as virtually everything was last year. But today, Javits is one of the vaccination sites the real estate industry is counting on to bring New York back to pre-Covid life. In the parlance of real estate, widespread vaccination is seen as a leading indicator. Real estate’s recovery is expected to follow, though some segments are expected to take longer than oth...