Pfizer building scare tests office-to-resi thesis
For an industry betting that obsolete office towers can help solve the housing shortage, this week’s scare at the former Pfizer headquarters could be a snag. Work stopped at the Midtown Manhattan tower on Tuesday after two steel columns failed during construction, prompting evacuations of the site and neighboring properties. The project, led by Nathan Berman’s MetroLoft and David Werner, is slated to deliver roughly 1,600 apartments, making it one of the city’s most closely watched office conversion projects. Work was quickly launched to shore up and stabilize the building. Nobody was injured in the incident and Berman anticipates a […]
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