Propmodo reports that New York has issued permits for 16 new office to residential conversion projects after a July structural failure paused work citywide and triggered a round of inspections. The city expects roughly 12,000 new homes from conversions in the coming years.
Why it matters to multifamily marketers
Converted buildings often come with unusual floor plates and new price points, so marketing teams in dense urban markets should study how neighboring conversions position themselves on lifestyle and value.