Posted by: Mitchell H. Kirsch
Category: Office Furniture
We saw this happen in Soho – a run-down work area is transformed into a hip residential community. Of course, this happened after a long process involving penniless bohemians, urban gentrification, and soaring real estate prices. Could it happen again to recession-hit office cubicle blocks?
It just might – office vacancies are rising to 13 percent in Manhattan alone; pricey office towers are losing tenants fast, and older office buildings are facing a crunch they just might never pull out of.
In New York, ground zero for the recession is putting its toe in the residential water; the New York headquarters of the American International Group (AIG) at 70 Pine Street will undergo a transformation at the hands of developer Young Woo, who plans to split the building’s 66 stories between condos on the top floors and commercial establishments on the lower floors. read more