Researchers from Columbia University and New York University have identified more than 550 office buildings in New York City that could potentially be converted into apartment units while remaining profitable. This represents more than 64 million square feet of office space, first reported by New York Business Journal.
The researchers considered factors such as building size, floor plates, and plumbing infrastructure in their analysis. They found that office-to-apartment conversions are profitable in just six of the 20 major metropolitan areas they evaluated, including New York, San Francisco, Washington, D.C., Denver, Boston, and San Jose.
Federal and local subsidies may be needed to make conversions financially feasible in other areas. Converting offices into apartments is seen as a potential solution for addressing housing shortages in cities like New York.
The post Over 550 NY Office Buildings Fit for Conversion appeared first on Connect CRE.
Researchers from Columbia University and New York University have identified more than 550 office buildings in New York City that could potentially be converted into apartment units while remaining profitable. This represents more than 64 million square feet of office space, first reported by New York Business Journal. The researchers considered factors such as building size, …
The post Over 550 NY Office Buildings Fit for Conversion appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate