About $800 billion may be wiped off the value of offices in major cities this decade, per McKinsey.
Converting New York offices into residences is possible but has its challenges, Bloomberg reported.
Buildings in the financial district are only eligible if they were built before 1977, while it's 1961 for Midtown structures, Chilelli told Bloomberg.
Structural issues must also be considered, Chilelli told Bloomberg.
Repurposing a structure can as much as double the price per square foot for a building, Chilelli said.
Persons:
Joey Chilelli, Chilelli, Eric Adams —, Maria Torres, Springer, Michael Cohen, Jeff Bezos, Mukesh Ambani, Mukesh Ambani's, Danish Siddiqui, Lilla Smith, Macklowe
Organizations:
McKinsey, Bloomberg, Service, Vanbarton Group, Williams, Flatiron, Danish, Irving Trust Company, Sixth
Locations:
New York, Wall, Silicon, Midtown, Manhattan, Mumbai, Lower Manhattan, York