5 ms·
I mean, NYC rents are still through the roof. They could build out housing in these tall empty spaces.
by SmellTheGlove 5y ago
I mean, NYC rents are still through the roof. They could build out housing in these tall empty spaces.
- giantg2 5y agoThat was my thought, but I'm guessing the retrofit would be really expensive.
- foolinaround 5y agohousing would follow the work places, and as they go, housing demand is not a given.
- SmellTheGlove 5y agoI hear you, but it's NYC - rents are still high enough that I'm thinking demand for housing is there even if demand for office space isn't.
- jjeaff 5y agoI think that it is actually quite expensive and time consuming to convert office space to residential. The main issue being plumbing. Most offices are setup to have a few restrooms and maybe a sink in each space for the break room. It's a rather difficult problem when you go from 5 rarely used sinks on each floor to needing to supply water and waste drainage for maybe 50 sinks, 50 showers, 50 bathtubs, 50-100 toilets, 50 washing machines, etc, all on that same floor. Not to mention that you now have to figure out waste disposal because you will be creating way more garbage that is much smellier.
- omegaworks 5y agoSucks to suck. If any industry is lacking for capital to face a pivot it certainly isn't real estate. The interest rate is ridiculously low and no one seems to believe it will change.
- SmellTheGlove 5y agoOh I bet, but if the office space is becoming long term not useful, and people still pay a lot to live in NYC, it seems like there’s money in conversion. That said I am the farthest thing from a real estate expert as you’ll get.