Dan Garodnick’s Post

Four years later, the conversion of commercial to residential buildings is gaining traction. It's taken distressed sales, code changes, tax and building incentives, distressed sales and a empty-ish downtown to be the catalyst. Lowering interest rates would further be an accelerator. While we are still early, and many practical challenges still await, these conversions are still fairly nominal in the grand scope and won't fully solve the residential nor commercial issues, but it does provide another glimmering sign of sustainable and positive change to the landscape occurring to turnaround and revitalize the downtown spirals across the U.S. Very interesting to see. #RealEstate

The Decline of Apartment Syndications and Distressed Office Building Deals https://lnkd.in/eyaEsscD The allure of real estate investing has drawn many casual investors into apartment syndications, where groups of investors pool money to buy and renovate properties. However, the recent economic environment has created significant challenges for this strategy. Simultaneously, the commercial office building sector is experiencing similar turmoil, with investors snapping up aging and empty buildings at deep discounts. This article explores how these economic shifts are impacting both apartment syndications and commercial office investments, highlighting the risks and opportunities in today's volatile real estate market. Read more: https://lnkd.in/eyaEsscD #apartmentsyndication #distressedproperties #realestate #housingmarket #officespace #propertyinvestment #realestatedeals #investmentopportunities #realestatenews #markettrends

A good solution to two distinct real estate challenges in larger cities. The surplus of commercial space and the shortage of residential space.

Are underutilized offices the next housing solution? Yes, especially if they have good structural bones, are located in amenitized neighborhoods, and display architectural character. Take a peek into two converted properties: the Millennium on LaSalle (Chicago) and Lyndon at The Curtis (Philadelphia) Thanks to the experts who commented on this recent BUILDINGS article: Michael Brookshier of Keystone, Cindy Delein, AIA with Stantec, and Richard Whitney with FitzGerald. #adaptivereuse #urbanhousing #housing #sustainablebuildings https://lnkd.in/g5_aCY3n

Converting Boston's offices to housing is tricky to do, but it's starting to happen Contact me to discuss the latest scoop in real estate! #hickmancoenhometeam #homes #bostonrealtor #bostonrealestate #realestate #realtor #dreamhomes #realestateagent #homesearch #housingmarket

Property PercentagesThe total value of American property, excluding farmland, is $66 trillion. Of that, 25% is commercial, and of that office space is probably $4 trillion. Between 2007 and 2009, US residential real estate lost a third of its value, which today would mean a decline of $16 trillion. Even if office values fall by half that would be just $2 trillion in losses, enough to be painful but not more. 

Question people: is anyone aware of any examples of multifamily residential /residential blocks being converted into offices? I am interested in how service capacity constraints have been overcome... Thanks in advance!

Buying in NYC but stuck between a move-in ready turnkey apartment and a fixer-upper with higher ROI potential? We’ve been there with several of our clients and have come to know the ins-and-outs of the all-important cost comparison. Read our breakdown of the pros and cons, plus a real example from the Upper West Side: https://lnkd.in/ee-XfCMg

Interesting report -

As the dynamics of the real estate market continue to evolve, office-to-residential conversions are becoming a more feasible solution to address both office vacancies and housing shortages in New York City. Initially met with skepticism, this concept is gaining traction thanks to recent incentive programs and a shift in developer enthusiasm. Prominent developers like SL Green Realty Corp., Silverstein Properties, and GFP Real Estate are now exploring conversion projects, such as the transformation of 750 Third Ave. Supported by new state budget tax incentives, these projects are moving from theory to reality. While these conversions might not solve all of NYC's housing and vacancy challenges, they represent a significant step forward. At BOMA New York, we recognize the importance of adaptive reuse in revitalizing our urban spaces and creating a more balanced real estate market. To learn more about the potential impact of these initiatives, read the full article: https://lnkd.in/eeDB7QSQ #CommericalRealEstate #OfficeToResidential #BOMANY #NewYorkCity #AdaptiveReuse