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Challenges and Opportunities in Converting Empty Offices into Apartments
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Converting empty office buildings into apartments in the US is becoming increasingly challenging due to financing issues, stagnating rental markets, and other obstacles. However, the number of conversions is expected to rise as office vacancies increase. The Flatiron Building in New York City is undergoing a $161 million renovation to become a condominium development, aligning with the nationwide trend of repurposing office buildings into housing. The Biden administration has released a plan to make it easier for property owners to convert empty offices into apartment units, with a focus on sustainability and affordability.
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How will the conversion of the Flatiron Building impact the real estate market in New York City?
What are some other challenges faced in converting office buildings into apartments?
What are the potential benefits of the Biden administration's plan to support office-to-residential conversions?
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