New York Offices Turned Into Housing in $340M Overhaul
Transformative Conversion Projects in NYC Amid an unprecedented housing shortage, New York City witnesses a groundbreaking surge in office-to-residential conversions. This transformation is reshaping its architectural skyline with urgency and innovation. The adaptive reuse trend spearheads urban planning efforts. Projects are transforming underutilized commercial spaces into much-needed housing. Noteworthy conversions include significant developments such as 25 Water Street. This project is yielding 1,300 apartments. Similarly, Pfizer’s Midtown East HQ is bringing in 1,500 units. By 2025, NYC anticipates about 8,310 apartment units emerging specifically from these conversions. This ambitious goal could be bolstered by the 467-m tax exemption , which incentivizes conversions by requiring affordable housing in the developments. The movement responds to office vacancy rates, like 5 Times Square’s staggering 77%. Transforming 917,745 square feet of space yields 1,250 new homes. These conve...