In 2022, when office-to-residential conversions seemed largely notional, just 23,100 apartments were underway via office conversions nationally. That has since skyrocketed to 70,700 in 2025, 8,310 of which are in the New York metro area.

As more conversions are completed, politicians, developers and lenders have become increasingly comfortable with the possible solution for now-futile assets. 

“There's a few other folks with purses in the market right now, too, so it has become a competitive business,” BDT & MSD Partners principal Ross Baldwin said during Bisnow’s New York Conversions and Adaptive Reuse Conference.

That competition has opened up opportunities for smaller landlords that may have struggled to line up all the necessary components to transform their buildings. 

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— Sasha Jones and Ciara Long

This Week’s N.Y. Deal Sheet: Mizuho takes 151K SF at RXR’s 1285 Sixth Ave., Wells Fargo forecloses on a Manhattan office building with a $50K bid, and The Jay Group nets a $115M construction takeout loan for an Inwood multifamily property. Read more. 

Judge Orders Elie Schwartz, Family To Leave $19M Penthouse: Less than three months before Elie Schwartz is set to be sentenced for a $54M real estate crowdfunding fraud scheme, he is at risk of being evicted from the home he shares with his wife and children. Read more.

Newmark Expands HQ To 184K SF On Park Avenue: Newmark is renewing its lease and growing its footprint with SL Green at its longtime Park Avenue headquarters. Read more.

How Gymshark Intends To Take America By Storm: UK gym wear brand Gymshark is opening its first NYC flagship store after debuting as a direct-to-consumer retailer and becoming one of the world’s best-known fitness apparel brands. Read more.