"More than 16,000 apartments are now in the pipeline from office conversions alone in the years following COVID-19. It's a figure that nearly doubled in a single year and dwarfs every other American city."
"Former office buildings now account for nearly 62% of that total, a share that has climbed sharply as landlords face an uncomfortable reality: in a post-pandemic world, not every tower has a future as a workplace."
"The projects are arriving at serious scale. At 111 Wall St., a gut renovation is expected to yield more than 1,500 apartments. At 5 Times Square, over 1,200 units are planned, with a slice earmarked for below-market renters."
"Now it's the mid-century towers of central Manhattan taking their turn, as owners who once waited out the office slump finally stop waiting."
New York is experiencing a significant transformation as office buildings are converted into residential units, driven by the impact of remote work. Over 16,000 apartments are currently in development from these conversions, a number that has nearly doubled in a year. The city’s adaptive reuse pipeline exceeds 26,000 units when including other types of conversions. Midtown has become the new focal point for these projects, with major developments underway, including the largest office-to-residential conversion in the city’s history.
Read at New York Post
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