Lessons from the transformation of Lower Manhattan
Save time by listening to our audio articles as you multitaskAt 25 Water Street, in New York’s financial district, America’s biggest ever office-to-residential conversion is under way. The building, located near the New York Stock Exchange, will transform an office skyscraper, covering 1.1m square feet , into 1,300 apartments ranging from studios to four-bedroom homes. The revamped building will include a basketball court, a spa, and indoor and outdoor pools.
Meanwhile, developers planning to convert offices must buy out or relocate existing tenants. As such, the financial case for conversions is often unsatisfactory. Only office buildings that trade at a steep discount are likely to make profitable transformations. In some cases, converting an old office tower can cost more than building a brand new block of flats.
For now, conversions are a growing but relatively niche pursuit. Yet plummeting property values, increasingly empty office cubicles and growing political support suggest things will accelerate. Moody’s Analytics expects office-vacancy rates in America to peak at about 19% in 2023 and to stay high for at least five years. Even with a healthy economy, demand for office space looks unlikely to return to pre-pandemic levels.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alex Wurz exclusive interview: State of F1, Japan 2022 lessons and moreGPDA chairman Alex Wurz gives his thoughts on the health of F1 and what might come next for Sebastian Vettel.
Read more »
Ncuti Gatwa hints he's leaving Sex Education roleDoctor Who's Ncuti Gatwa hints he's leaving Sex Education role
Read more »
Despite higher COVID risk, active physicians had lower excess mortality than nonactive physiciansIn a recent study published in the journal JAMA Internal Medicine, researchers calculated excess deaths due to coronavirus disease 2019 (COVID-19) among physicians in the United States of America (USA) between March 2020 and December 2021.
Read more »
Police search in city after £3000 bike stolen outside McDonald'sThe rider got into the police van and they drove around the surrounding area in search for the bike.
Read more »
Haaland is the most brilliant, successful flop in football history; City really should have signed KaneThe Haaland Paradox is an exceptional sub-plot to a curious season. Manchester City really should have bought Harry Kane. They didn't really need a No. 9.
Read more »
Emergency crews rush to attend to pedestrian in city centre following incidentA person is being treated by emergency services in the middle of Argyle Street following an incident.
Read more »