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NYC Now Leads U.S. in Office-to-Apartment Conversion Plans
The New York City metro area now leads the U.S. in its pipeline of planned office-to-residential conversions, taking the top spot from last year’s front-runner, Washington, DC. Currently there are 8,310 NYC metro office units set to be transformed into apartments, or more than 10% of the national total, according to RentCafe.
“It’s worth noting that NYC, in particular, boasts North America’s largest office market with nearly 730 million square feet of space,” RentCafe said in a report. “Manhattan alone contains more than 80% of the Big Apple’s office space.”
In addition, more than 305.4 million square feet out of the available office space in the area (or almost 46% of the metro’s total office inventory) holds the potential for more office-to-apartment conversions. RentCafe cited the transformation of the former global headquarters of Pfizer at 219 E. 42nd St. (pictured), which is expected to deliver 536 rental units, as “a standout project.”
- ◦Development
