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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. ....
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The Brash Dealmaker Behind Some Of The Pandemic's Biggest Real Estate Buys forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
(Getty, iStock) It’s one of New York City’s biggest real estate events of the year: Thousands of attendees fill the Jacob Javits Center for the International Council of Shopping Centers retail show. The December event was canceled, as virtually everything was last year. But today, Javits is one of the vaccination sites the real estate industry is counting on to bring New York back to pre-Covid life. In the parlance of real estate, widespread vaccination is seen as a leading indicator. Real estate’s recovery is expected to follow, though some segments are expected to take longer than others. ....