Office Conversion

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See plan to convert FiDi office tower 55 Broad into 571 market-rate apartments

Image courtesy of Joe Woolhead

August 1, 2023

See plan to convert FiDi office tower 55 Broad into 571 market-rate apartments

By Aaron Ginsburg

The plan to convert the Financial District office tower at 55 Broad Street into apartments is finally moving forward, with a closed deal and the release of new renderings this week. Silverstein Properties and Metro Loft Management on Monday announced they bought the tower for $172.5 million with plans to turn the 30-story office tower into a residential building with 571 market-rate apartments; upon completion, it will be one of New York City's largest office-to-residential conversions ever. Construction is expected to start in August and take roughly two years.
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Real Estate Trends

Rockefeller Center plans to fill vacant office space with its first luxury hotel

Photo courtesy of qwesy qwesy on Wikimedia

April 19, 2023

Rockefeller Center plans to fill vacant office space with its first luxury hotel

By Michelle Cohen

Rockefeller Center has announced a deal with Aspen Hospitality to open a luxury hotel at the iconic Midtown campus. Aspen plans to open the second location of its Colorado-based Little Nell Hotel on 10 floors of vacant office space above the NBC "Today" show studios, the Wall Street Journal reports. The proposed conversion of unused office space is the latest move to address the substantial shift away from full-time office work since the start of the Covid-19 pandemic.
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Now complete, NYC’s largest office-to-condo conversion One Wall Street shows off latest home

Images courtesy of Colin Miller

April 3, 2023

Now complete, NYC’s largest office-to-condo conversion One Wall Street shows off latest home

By Aaron Ginsburg

New York City's largest office-to-residential conversion is flaunting its latest luxury residence. Construction has officially wrapped up at the Art Deco landmark One Wall Street, formerly the headquarters for the Irving Trust Company and now a 566-unit residential tower. Following that milestone, new images were released last week of one of the building's most impressive apartments, Residence 3404. The home represents a unique collaboration between interior designer Guillaume Coutheillas of frenchCalifornia and One Wall Street developer Harry Macklowe, who hand-picked all of the art seen in the three-bedroom apartment.
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Historic McGraw-Hill Building in Hell’s Kitchen to add 224 rentals

Rendering courtesy of MdeAS Architects

March 13, 2023

Historic McGraw-Hill Building in Hell’s Kitchen to add 224 rentals

By Aaron Ginsburg

The 35-story landmarked McGraw-Hill Building in Hell's Kitchen will soon be home to 224 luxury rentals. As first reported by the New York Post, the project includes the redesign of the building's office space, the construction of a second lobby and entrance, and the restoration of the McGraw-Hill name above the residential entrance. Floors 12 through 34 of the Art Deco skyscraper will be converted to residential use, which will cost an estimated $100 million. Work will begin this summer.
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Real Estate Trends

NYC’s plan to convert office space into housing could create 20,000 homes

Photo by Tomas Anton Escobar on Unsplash

January 10, 2023

NYC’s plan to convert office space into housing could create 20,000 homes

By Michelle Cohen

In December, Mayor Eric Adams and Gov. Kathy Hochul announced a plan to address the needs of post-pandemic New York by creating mixed-use neighborhoods in central business districts to draw more residents, businesses, and tourists. The plan advocated for the much-discussed idea of converting vacant office buildings into homes, a solution that tackles both the city's housing crisis and lagging retail growth by making zoning laws more flexible. On Monday, Adams announced a list of specific recommendations for converting underused offices into 20,000 homes for 40,000 New Yorkers over the next decade.
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June 24, 2022

Empty Financial District offices at 55 Broad will be converted to 571 apartments

By Michelle Cohen

As many of New York City's workers remain remote and office vacancy shows no signs of reversing, many have suggested the city's empty offices be used for living. In one of the largest office-to-residential conversions to be launched during the pandemic, two local developers have purchased the one-third vacant 55 Broad Street with the intention of creating 571 market-rate apartments, the Wall Street Journal reports.
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