In the News

Commercial condominium conversions offer flexibility in a challenged NYC office market

October 23, 2023

Author

D. Hara Perkins​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌‌‍‌‍​​‌​‌​‌‍‌‌​‍​​‍​​‍​​‌​​‍‌​‌​​​​‌‍‌‍‌‌​‍‌​‌​​​​​​​​‍​​‍‌‌‍​‍‌‍‌​‌‍​‌​‌‍​‍‌‌‍‌​​​​​‍​‌‍​​‌‌‍​​‌​‌‍‌‍​‍‌​‌‌‍‌​​​​​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌​​‌‍‌‌‌​‍‌​‌‍‌‍‍​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‍‌‍‌‌‌‌‍​‌‍​‌‍‍‌‍​‌‌‍‌‌‍‌‌​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‌‍‍‌‌‍‌​​‌‌‍‌‍​​‌​‌​‌‍‌‌​‍​​‍​​‍​​‌​​‍‌​‌​​​​‌‍‌‍‌‌​‍‌​‌​​​​​​​​‍​​‍‌‌‍​‍‌‍‌​‌‍​‌​‌‍​‍‌‌‍‌​​​​​‍​‌‍​​‌‌‍​​‌​‌‍‌‍​‍‌​‌‌‍‌​​​​​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌​​‌‍‌‌‌​‍‌​‌‍‌‍‍​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‍‌‍‌‌‌‌‍​‌‍​‌‍‍‌‍​‌‌‍‌‌‍‌‌​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌

Director​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌​‌​‌‍​‌‌‍​‌‌‍‌​‌‍‌‌‌‍​‌‌‍‌‌‌‍​​‍‌​‌​​‍‌​​‌‌‍​‌​‍‌​‌​​​‍‌‍​‌‌‍‌‍​‍‌​‍‌‌‍​‌‌‍‌​‌‍​​‍‌​‌​‌‍‌‍​​​​​‌‍‌‍​‍‌​‍​‌‍​​‌‌​​​‌‍​‌‌‍‌‍​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍‍‍‌‍‌‍​‍‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‌‍‍‌‌‍‌​​‌​‌​‌‍​‌‌‍​‌‌‍‌​‌‍‌‌‌‍​‌‌‍‌‌‌‍​​‍‌​‌​​‍‌​​‌‌‍​‌​‍‌​‌​​​‍‌‍​‌‌‍‌‍​‍‌​‍‌‌‍​‌‌‍‌​‌‍​​‍‌​‌​‌‍‌‍​​​​​‌‍‌‍​‍‌​‍​‌‍​​‌‌​​​‌‍​‌‌‍‌‍​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍‍‍‌‍‌‍​‍‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌, New York​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌‌‍​‌​​‌‍​​‍‌​​​‌‌‍​‌​​​‍‌​​‍‌‍​‍‌‍‌​​‌‌​‍‌​‌​​​‌‌‍​‌‍​‍​‍‌​‍​​‌‌​‍​‌‍​​‍‌‌‍‌​​​​‌‍‌‌​​​​​​​‍​‌‍​‍‌‍​​​​​‌‍‌‍‌‌‌‍​​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍​‌‍‌‍​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌‍​‌‍‌‌​​‍‍‌‍‌‌‍‌‌‌‌‍​‌​‌‌​‌‍‌‍‍‌​‌‌​‌‍‌​‍‌​‍‌​​‍‍‌‍​‌‍‌‍‌​‍‌‍‌‍‍‌‌‍‌​​‌‌‍​‌​​‌‍​​‍‌​​​‌‌‍​‌​​​‍‌​​‍‌‍​‍‌‍‌​​‌‌​‍‌​‌​​​‌‌‍​‌‍​‍​‍‌​‍​​‌‌​‍​‌‍​​‍‌‌‍‌​​​​‌‍‌‌​​​​​​​‍​‌‍​‍‌‍​​​​​‌‍‌‍‌‌‌‍​​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍​‌‍‌‍​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌

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Source

New York Business Journal

Related Expertise

Real EstateOffice

With the current state of the real estate market, building owners and developers should consider utilizing the flexibility of the commercial condominium structure to maximize the value or marketability of their properties. This ownership regime gives owners and developers the opportunity to restructure the ownership and operation of their properties – from a financing, use, sale, or allocation of costs perspective – to better adapt to market trends.

Read more from Hara Perkins in this New York Business Journal Article.

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