🏢 ➡ 🏘 The largest office-to-residential conversion in New York City to date is moving forward. Pfizer's former HQ is being converted into 1,500 market-rate units.
Nathan Berman and his team at Metro Loft Management are perhaps the most experienced developers pursuing office-to-residential conversions and they are only getting more bullish. Interest is growing with another half dozen conversions happening simultaneously across NYC. This trend extends to other cities like Toronto and SF, where the opportunity is significant.
This conversion will cost "hundreds of millions of dollars", and as is often the case with high-rise conversions, will entail replacing all the windows and the facade, distributing wet utilities throughout the floor plate, and re-configuring the building interiors.
Using #prefabricated facades, interior walls, utility shafts, and MEP pods, coupled with a systematic approach to thread together offsite fabrication with onsite installation can significantly reduce the cost (and compress the schedule) of conversions.
I think there's a huge potential for players in AEC to offer dedicated products and services for conversions. Låda Cube, Clark Pacific, DIRTT, Gensler, SurePods™, Nucor Corporation, Kit Switch among others.
Curious what the sentiment is around creating product platforms specific to conversions. Would love to hear thoughts and reasons why this may or may not be a good idea!
Steven Paynter, Nick Masci, Doug Bevier, PE, Daniel Berman, Justin Schwaiger, John Fay, Candice Delamarre
https://lnkd.in/gau5kKhW