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— - 2 Vanbarton - 2 Eric Adams - 2 Joey Chilelli - 2 Chilelli - 2 that's - 1 That's - 1 Dan Garodnick - 1
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☆ I toured an office building that's being turned into apartments. It showed me just how much remote work is reshaping how we live and socialize.
  + stars: | 2023-09-30 | by ( Juliana Kaplan | ) www.businessinsider.com   time to read: +3 min
I toured 160 Water Street, a major office-to-residential conversion in New York City. That's the whole point at 160 Water Street. In a past life, 160 Water Street was an office building in New York City's financial district. Standing next to 180 Water Street — an office building that was converted into units back in 2017 — 160 Water Street is preparing to welcome tenants by the end of the year. I got the opportunity to tour the building and saw just how much the rise of remote work is shaping how we use our spaces.
Persons: —, that's, That's, Dan Garodnick, It's Organizations: Service, Colliers, New York City's Department of City Planning, Vanbarton Group Locations: New York City, New York
☆ Architects are cutting big holes in the middle of skyscrapers and adding more floors to turn empty NYC offices into apartments
  + stars: | 2023-09-10 | by ( Eliza Relman | ) www.businessinsider.com   time to read: +8 min
A developer and an architect explain how they transformed NYC financial district office buildings. But some developers and architects have used the opportunity to lean into a business model they'd been pursuing long before COVID-19: turning empty office buildings into housing. They're currently finishing up their transformation of 160 Water Street, a 1970s office tower in lower Manhattan that will become 586 apartments. AdvertisementAdvertisementThe exterior of 160 Water Street, a former office building that's undergoing full reconstruction to create nearly 600 market-price apartments. Rent at 160 Water will range from about $3,500 for a studio apartment up to $7,500 for a two-bedroom.
Persons: they'd, They're, Vanbarton, Eric Adams, Joey Chilelli, Robert Fuller, Fuller, Lev Radin, Chilelli, — Organizations: Service, Vanbarton Group, New Locations: NYC, Wall, Silicon, York, Manhattan, New York
☆ The value of office buildings is sinking – but turning 'zombie' offices into apartments is harder than you think. Here's why.
  + stars: | 2023-07-14 | by ( Jordan Hart | ) www.businessinsider.com   time to read: +4 min
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
☆ American Cities Have a Conversion Problem, and It’s Not Just Offices
  + stars: | 2023-07-01 | by ( Emily Badger | ) www.nytimes.com   time to read: +1 min
There is an aging office building on Water Street in Lower Manhattan where it would make all the sense in the world to create apartments. The 31-story building, once the headquarters of A.I.G., has windows all around and a shape suited to extra corner units. Right across the street, one office not so different from this one has already been turned into housing, and another is on the way. But 175 Water Street has a hitch: Offices in the financial district are spared some zoning rules that make conversion hard — so long as they were built before 1977. But that idea died in the State Legislature this spring, along with the rest of the governor’s housing agenda.
Persons: “, ”, Richard Coles, Eric Adams, Kathy Hochul, Coles, Vanbarton Organizations: Vanbarton, Gov, State Legislature Locations: Lower Manhattan, A.I.G, New York, State
☆ Here’s How to Solve a 25-Story Rubik’s Cube
  + stars: | 2023-03-11 | by ( Emily Badger | Larry Buchanan | In Their Reporting | ) www.nytimes.com   time to read: +21 min
So You Want to Turn an Office Building Into a Home? There’s an appealing simplicity to the idea of converting office buildings into housing. Basically, they did this:How to Turn a 26-story Office Building Into a 30-story Apartment Building Cut a hole through 23 floors of the building. How to Turn a 26-story Office Building Into a 30-story Apartment Building Cut a hole through 23 floors of the building. That could change with tax abatements and subsidy programs, or if outdated office buildings lose so much value that the cost of acquiring them plummets.
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