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

New construction starts hitting a new low for this year in November, thanks to high interest rates and rising material costs, Dodge Construction Network found.

Owners of troubled New York City CRE assets are hoping to hang onto their properties until interest rates fall or there is another desirable market shift.

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.