Manhattan's Troubled Office Buildings: A Glimpse of the NY Space Crisis
Unleased Manhattan office buildings come in various types, including drab high-rises in less desirable neighborhoods, oversaturated newly renovated glass towers, and buildings that are transformed into residential spaces. Examples include the glass ziggurat at 850 Third Avenue, which sits half-empty and in need of renovation after losing a major tenant; 111 Wall Street, which underwent costly renovations but has yet to sign any leases; 29 West 35th Street, a mid-block office high-rise facing auction; and 160 Water Street, which is being converted into market-rate rental apartments due to its desirable location. The decline in the commercial market has affected these properties differently, leading to various outcomes such as residential conversions.