Elsewhere in New York City: Seeking Opportunities for Office Conversion

Abstract

Office-to-residential conversions have emerged as a promising solution to New York City’s housing crisis. Previously unprecedented in the country’s largest office market, this trend evolved in response to the impact of the pandemic on offices, further reinforced by the surplus of underutilized office spaces. Although most of the focus is on Manhattan, underutilized office spaces are found across the entire city. This paper delves into the opportunities and challenges of office-to-residential conversions and conducts a comparative case study of two properties, comparable in physical condition, one in Manhattan and one in Brooklyn. Broadening the scope of these conversion projects to include other boroughs could lead to a more equitable distribution of housing resources, address the city-wide housing shortage more effectively, and stimulate balanced economic growth and community development across New York’s diverse landscape.

Keywords: office conversion, office market