The Watson Hotel at 440 West 57th Street (Google Maps)
New York legislators are still figuring out what a comprehensive commercial-to-residential program could look like in the city, but developers are already looking for opportunities.
Metroloft Management, which has previously undertaken office-to-residential conversions, has found two “perfect targets” for market-rate rentals in Lower Manhattan, managing principal Nathan Berman told the New York Times. A deal to purchase those Class B buildings, which Berman declined to identify, is underway.
“Covid has expedited the ultimate repurposing,” he said.
Hotels are also an attractive target, according to Eric Anton, an agent with Marcus and Millichap. He represents seven New York City hotels, three of which will likely convert to senior housing and one to market-rate apartments, according to the report.