4 ms·

Personally don't think so. They'd convert those spaces into residential spaces just like what happened to malls. Possible bonus (or not) is people can live and

Personally don't think so. They'd convert those spaces into residential spaces just like what happened to malls. Possible bonus (or not) is people can live and work in the same buildings just like in some other parts of the world :)

jschveibinz 6y ago
Unfortunately, the commercial real estate contracts aren’t 1:1 with residential use. Commercial rent per sf in Manhattan is around $90 (https://www.statista.com/statistics/605986/average-class-a-asking-rent-manhattan-by-submarket/ https://www.statista.com/statistics/605986/average-class-a-a...) It appears that residential rates are closer to $5 per sf (https://www.google.com/amp/s/www.zumper.com/blog/nyc-by-square-foot-see-which-neighborhood-gets-you-the-most-space-for-your-money/amp/ https://www.google.com/amp/s/www.zumper.com/blog/nyc-by-squa...) If you believe these numbers, then lenders are going to take a huge haircut if this happens-so there will likely be a lot of kicking and screaming.