“Nobody minds living in a 50-year-old apartment building –– an office, not so much.”
Nathan Berman of Metro Loft Management, a developer with plenty of experience in converting older office buildings into new apartments, sat down with The Real Deal to discuss the past, present and future of office-to-residential conversions.
Those conversions have been pitched lately as a solution to two different problems — the affordable housing crisis and the floundering office market. Metro Loft has been in the office-to-residential game for decades, converting properties in the Financial District to take advantage of 421g tax breaks.
As far as Berman is concerned, the only limitation when it comes to conversions is the “availability of light and fresh air” — and the cost of the project.
“It’s really not about how old the building is, or what shape it is in, how pretty it is, or even where it’s located,” Berman said. “It’s really [about] the price per pound.”
Watch the video to learn more.