Has the office-to-resi crackdown arrived?
When work stopped at MetroLoft’s residential conversion of the former Pfizer headquarters, real estate held its breath. Was this a one-off event caused by a one-off error that led to some of the columns starting to buckle? Or would this cascade into something bigger facing the overall office-to-residential phenomenon that has reenergized much of Manhattan’s ailing commercial building stock? Early signs point to it possibly being the latter. The Department of Buildings issued a stop work order Tuesday at SL Green’s Midtown residential conversion at 750 Third Avenue. The city briefly ordered workers to halt “all structural steel work” on […]
This article originally appeared on The Real Deal. Click here to read the full story.
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