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Converting 10 percent of more than 100 million square feet of potential office space would lead to 14,000 apartments, mainly in Manhattan.

Sleep where people once worked.

Last week was the busiest week for luxury home contract signings in Manhattan since December 2013.

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...