Real estate: in the United States, former offices are transformed into housing

In New York (United States), among the skyscrapers of Manhattan, in the heart of the Wall Street district, a construction site is underway and everyone is talking about it. It is an iconic building from the 1930s, the headquarters of a prestigious New York bank, completely renovated and transformed into housing. The construction site is a godsend for Kirk Rundhaugreal estate agent. “An unbuilt lot of this size in Manhattan does not exist. So to meet the demand, we have to renovate”he explains.

Soon, 556 luxury apartments will replace the old bank offices. One of the least expensive apartments in the building is worth 3,700,000 euros. Some can reach 12 million euros. Certain historic elements of the building have been preserved, a selling point that adds to the cachet of the property. Transforming offices into housing is the new trend in the United States. Of the converted dwellings, 41% come from former offices. Since the pandemic, few employees have returned to their places of work, leaving the premises vacant. “The pandemic has accelerated things and I think we will also see new changes”thinks John Cetraarchitect. But these apartments are not reserved for an elite. Clara chapoton, student, pays thus 1,800 euros for 80 square meters. In a new building, she would have paid 1,000 euros more.