Quote:
Originally Posted by iheartthed
Any theories on why mid-century buildings on Park Avenue are being replaced like this?
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Your older stock just can't compete with the demands of the time. Clients want large ceilings, spacious environments and its sort of impossible without causing a structure to cave in by removing columns or key pillars in an older structure. Reconversion would be a nightmare. Better to just demolish and rebuild.
More a function of demand. Granted the city has a ton of space that is available for office, high vacancy rate, which could be good for your lower and mid tiered clients but the high end ones demand modern space.
If anything, if the city could relax its asinine rules when it comes to office to residential conversion, a ton of that older space could be better used for housing. Make it easier to do such conversions.