Seemingly from the time New York’s offices went on lockdown in response to the coronavirus pandemic, there have been rumblings about converting empty office buildings to residential use in response to the city’s housing crisis. With Manhattan’s average rent now topping $5,000/month (per a report from Miller Samuel and Douglas Elliman), whispers are getting louder. More apartments could ease the crisis, and vacant office buildings are one place to start. A report from the Real Estate Board of New York found that 10% of empty office space could be converted to residential space, leading to as many as 14,000 new apartments.
The city's regulations make it a difficult and expensive process, but it is not an impossible one. Millions of square feet of empty commercial space in the Financial District have been converted to tens of thousands of apartments, and Metro Loft Development founder Nathan Berman told NY1 that policy changes spurred new development in the area. and could just as easily be applied to other parts of the city. He should know – his firm’s Lower Manhattan portfolio includes celebrity favorite 443 Greenwich Street, 180 Water Street, and Twenty Broad, which was originally built in 1956 as an annex to the neighboring New York Stock Exchange and has since been converted to a 533-unit rental building.
A small handful of availabilities starts at $3,162/month for studios, $3,850/month for junior one-beds, and $7,141/month for one-beds with home office. These prices are net effective to reflect one month free rent on 12-month leases, and are for apartments in an area with only 155 publicly listed units and a median rent of $5,380/month (all figures per CityRealty listings).
Twenty Broad's kitchen and bathroom finishes
Select apartments feature such perks as private outdoor space and baths with glass showers and double vanities. All units are accessed via keyless entry and feature:
- High ceilings with in-ceiling lighting
- Large picture windows
- Stripped oak flooring
- Modern kitchens with custom Italian cabinetry and quartz countertops
- Gracious baths
- In-unit washer/dryers
Rendering of the Art Deco-inspired lobby by CetraRuddy (Renderings by Visuals via Metro Loft Management)
Amenity spaces by CetraRuddy were designed to embrace the history of the property and meet the needs and desires of the modern renter. These include:
- Art Deco lobby with 24-hour concierge service
- Fitness center with Technogym equipment and separate yoga studio
- Game room
- Lounge
- Library
- Children’s playroom
- Private storage
- Bike storage
- Sky Lounge
- Rooftop terrace with outdoor theater, BBQ grills, dining areas, and views of New York Harbor and Lower Manhattan
Rendering of Twenty Broad entrance
Google Earth aerial showing the central location of 20 Broad Street (CityRealty)
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