How the Pfizer building scare could push developers to rethink vertical conversion plans

Following the near collapse of the Pfizer building conversion project last week, the industry has grappled with the potential impacts of the alarming structural failure. Aside from the consequences for the project itself, such as construction delays and financing constraints, real estate players are also attempting to forecast the incident’s effect on other office-to-residential conversion bets in the city, as well as on the larger development landscape.  Though the fallout is still taking shape, many expect the aftermath to bring new regulations or heightened enforcement of existing rules, moves that city agencies and members of the New York City Council […]

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