Midtown Manhattan, often viewed as lacking vitality, is experiencing a shift in its real estate landscape. With an abundance of underutilized office buildings, such as Pfizer's former headquarters, developers like Metro Loft Management are seizing the opportunity to convert these structures into residential apartments. This initiative will create approximately 1,600 rental units, leading to the largest office-to-apartment conversion in the nation. Alongside this, plans include more apartments with a focus on affordable housing. The accessibility and lesser cost of conversions bolster their appeal over new constructions.
Metro Loft Management's conversion of Pfizer's former headquarters into 1,600 apartments marks a significant shift in Midtown Manhattan's real estate landscape, presenting a sizeable residential opportunity.
Adapting older commercial properties for residential use is often more cost-effective than new construction and can reduce completion time by up to a year.
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