Elsewhere in New York City: Seeking Opportunities for Office Conversion
Name
Hong_nyhong_msred_cre_thesis_2024.pdf
Description
Thesis PDF
Size
9.44 MB
Format
Adobe PDF
Checksum (MD5)
f30e1b228416fc853b6bd5c2d97ff6ae
Author(s)
Hong, Nayeon
Advisor(s)
Duarte, Fabio
Date Issued
February 2024
Publisher
Massachusetts Institute of Technology
Abstract
Office-to-residential conversions have emerged as the most promising solution to New York City’s housing crisis. Previously unprecedented in the country’s largest office market, this trend evolved in response to the impact of the pandemic on offices, further reinforced by the surplus of underutilized office spaces in major districts like Manhattan. However, this phenomenon is not exclusive to Manhattan; it extends across the entire city. Boroughs outside Manhattan, such as Brooklyn, may offer untapped potential for such conversions, benefiting from more favorable conditions like lower property costs, varied zoning regulations, and diverse community needs. Broadening the scope of these conversion projects to include other boroughs could lead to a more equitable distribution of housing resources, address the city-wide housing shortage more effectively, and stimulate balanced economic growth and community development across New York City’s diverse landscape. This thesis delves into the opportunities and challenges of office-to-residential conversions and conducts a comparative case study of two properties, comparable in physical condition, one in Manhattan and the other in Brooklyn. This study aims to explore how geographic differences within New York City might impact the feasibility of the conversion.
MIT Department
Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development.
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