3 ms·
Right, well, see, the problem is we already did the former instead of the latter, and it costs billions of dollars to reverse that.
by CydeWeys 3y ago
Right, well, see, the problem is we already did the former instead of the latter, and it costs billions of dollars to reverse that.
- fnordpiglet 3y agoOk - well, residential in Manhattan is $150/square foot. Commercial $85. So… seems worth it? And billions of redevelopment investment? GDP and employment!
- throwaway2037 3y agoWhere did you find those prices? NYC is so insanely diverse about living/office, I find it hard to quote something here. Average or median is mostly meaningless.
- jazzyjackson 3y agointernet commenters are allowed to spitball, obviously a 800 sq ft 1 bdrm can go from anywhere between a quarter mil to 2 mil depending on the neighborhood and the view, OP's point is that converting to residential is a net positive for the real estate owner.
- fnordpiglet 3y agoA few real estate trade websites I quickly googled. The $85 for commercial was “top tier” Manhattan commercial office space (the other tiers ranged to over half off IIRC) and the residential was a general average of inventory in 2022. Certainly for my dissertation I would have cleaner references, but I controlled a bit on the supposition by picking P90 vs avg to give the other side the statistical advantage.