Continuing the post-pandemic trend, yet more Manhattan office buildings have been marked for conversion into residential units, including 77 Water St., which will become approximately 600 rental apartments.
Transforming empty or under-used office spaces has become an increasingly popular tactic as employees continue to work remotely, while the affordable housing crisis creates demand for residential units.
Gerard Nocera of Resolution Real Estate noted that converting office buildings to residential is straightforward if they are vacant, but complex when long-term tenants are involved.
Vanbarton is reportedly under contract to pay around $95 million for the 77 Water St. tower, with plans for redevelopment well underway in the current market.
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