Darkish home windows. Quiet lobbies. Hushed halls.
With a lot of New York’s accommodations and workplace buildings unoccupied for greater than a yr now — and questions over whether or not some will ever refill once more — an effort is afoot to transform some industrial buildings into housing or different makes use of. The consequence might be a wave of constructing conversions not seen because the crash of the late Nineteen Eighties.
From company excessive rises within the monetary district to boutique lodgings close to Central Park to mid-market lodging in Midtown, actual property gamers are redeveloping or canvassing dozens of websites, in accordance with these concerned. The discussions fall into three classes: changing workplaces to housing, accommodations to housing, and accommodations to workplaces.
Eric Anton, an agent with the agency Marcus and Millichap who makes a speciality of promoting buildings, mentioned that of the seven accommodations in New York he represents, three are more likely to change into senior housing, one will change into market-rate residences and the stability will stay accommodations.
“A variety of the conversations revolve round whether or not the conversions can occur effectively,” Mr. Anton mentioned.