No Result
View All Result
  • Login
Wednesday, July 8, 2026
theadvisertimes.com
  • Home
  • Business
  • Financial Planning
  • Personal Finance
  • Investing
  • Money
  • Economy
  • Markets
  • Stocks
  • Trading
  • Home
  • Business
  • Financial Planning
  • Personal Finance
  • Investing
  • Money
  • Economy
  • Markets
  • Stocks
  • Trading
No Result
View All Result
theadvisertimes.com
No Result
View All Result
Home Business

Office-to-residential conversions are all over NYC but failures get fixed before they get worse

by theadvisertimes.com
6 hours ago
in Business
Reading Time: 3 mins read
A A
0
Office-to-residential conversions are all over NYC but failures get fixed before they get worse
Share on FacebookShare on TwitterShare on LInkedIn



The building at the center of this week’s Midtown scare is the former Pfizer world headquarters at 235 East 42nd Street: a 33-story tower built in 1960 that, alongside its neighbor at 219 East 42nd, is being converted by Metro Loft and David Werner Real Estate Investments into roughly 1,600 apartments, the largest office-to-residential conversion in U.S. history.

On Tuesday morning, the FDNY received reports of bricks falling from the building; inspectors found two support columns buckling on the 21st floor and floors sagging up through the 26th. Nine surrounding buildings were evacuated, a “frozen zone” was established from First to Third Avenues, and by Tuesday night, crews had begun installing emergency shoring. No injuries were reported. Metro Loft’s Nathan Berman attributed the buckling to added weight from new floors; while the site had racked up seven DOB violations and roughly $15,000 in fines over the past year for falling debris.

Forensic and structural engineer Joseph Di Pompeo, who has more than 25 years of experience in structural engineering and forensic investigation and has testified as an expert witness before planning and zoning boards, and in New Jersey and New York state and federal courts, said the type of failure visible in photos and video doesn’t support a steel-quality explanation—which is what the FDNY first said at a press conference yesterday.

“There is no material strength number in the formula” for column buckling, he said. “It could be good, it could be bad, it could be terrible, but it still wouldn’t affect what happened here.” Buckling, he said, is governed entirely by two things: how long a column runs between braces, and how much load it’s carrying.

That distinction, Di Pompeo said, points instead toward a loading error: Either the engineering didn’t properly account for the weight being added during the conversion, or construction sequencing put more load on a column than it was ever meant to carry.

“It’s got to be one of those two things,” he said.

Metro Loft’s own account lines up with that framing. Founder Nathan Berman told The Wall Street Journal additional weight added during construction on top of the building likely caused the two columns to buckle, calling the incident “nothing more than a typical construction mishap” and, later, a “freak accident.” He told reporters the project overall was “well engineered, well thought through, and well executed, with the exception of those two columns that could not tak[e the load],” and said the affected area was limited to a small section of one building.

Other conversion work happening in New York City

There’s also a lot of conversion work happening across the city all at once. In 2023, nearly 80 office buildings in New York had already been converted to residences over the prior two decades, with roughly 200 more potentially in play. That pipeline has grown substantially since: Developers are now on track to start 9.5 million square feet of new office-to-residential conversions in 2026 alone, more than double last year’s pace and nearly twice the city’s previous peak in 2008, with New York leading every U.S. metro at more than 16,000 units currently in conversion.

Goldman Sachs estimated in 2024 office prices would need to fall nearly 50% for conversions to be financially viable at scale, and one commercial real estate veteran told Fortune 30% of office buildings are “basically worth nothing” and will simply need to be torn down rather than converted.

With that volume, Di Pompeo said, minor structural issues during construction are common, but they just don’t typically make news.

“A lot of failures happen during construction,” he said. “There’s a lot of failures that happen during construction that nobody hears about, because it’s not a collapse. It gets fixed, and everybody moves on.”

He was skeptical the building’s prior violations tell the real story, either.

“Every building in New York has one,” he said, noting that most citations—like the loose debris incidents on this site—have little bearing on the type of column failure reported this week.



Source link

Tags: ConversionsFailuresfixedNYCOfficetoresidentialWorse
ShareTweetShare
Previous Post

How to Check Whether You’re Withholding Too Much From Social Security

Next Post

Your Prescription Could Still Cost Hundreds on Medicaid—7 Ways to Lower the Price

Related Posts

Domestic prop trading firms face higher funding costs under RBI’s new rules

Domestic prop trading firms face higher funding costs under RBI’s new rules

by theadvisertimes.com
July 8, 2026
0

Mumbai: Domestic proprietary trading firms may be less favourably placed than well-capitalised foreign peers, such as HRT, Jane Street, Citadel...

US stocks today: Dow falls 500 points after Trump says Iran deal is ‘over’

US stocks today: Dow falls 500 points after Trump says Iran deal is ‘over’

by theadvisertimes.com
July 8, 2026
0

The S&P 500 ended lower on Wednesday after U.S. President ​Donald Trump said an interim deal aimed at ending the...

How climate change could raise your water bill

How climate change could raise your water bill

by theadvisertimes.com
July 8, 2026
0

Perched on California’s Monterey Bay, Santa Cruz is known for its surfing, beaches and boardwalk. Less idyllic is its vulnerability...

Is Canopy Growth Stock Finally Worth Buying After Losing 99% of Its Value?

Is Canopy Growth Stock Finally Worth Buying After Losing 99% of Its Value?

by theadvisertimes.com
July 8, 2026
0

Few stocks have destroyed as much shareholder value as Canopy Growth (NASDAQ: CGC). Since its 2018 peak, shares of the...

MyHeritage to lay off 15% of workforce

MyHeritage to lay off 15% of workforce

by theadvisertimes.com
July 8, 2026
0

MyHeritage currently has 500 employees in Israel, the US and Europe. Israeli online genealogy company MyHeritage is...

After a challenging start, Carrefour looks to flotation

After a challenging start, Carrefour looks to flotation

by theadvisertimes.com
July 8, 2026
0

After some challenging years since setting up in Israel, this year, Carrefour, the French supermarket chain for which Electra...

Next Post
Your Prescription Could Still Cost Hundreds on Medicaid—7 Ways to Lower the Price

Your Prescription Could Still Cost Hundreds on Medicaid—7 Ways to Lower the Price

Domestic prop trading firms face higher funding costs under RBI’s new rules

Domestic prop trading firms face higher funding costs under RBI's new rules

  • Trending
  • Comments
  • Latest
Should You Offer a Concession to Get Your Apartment Leased Faster?

Should You Offer a Concession to Get Your Apartment Leased Faster?

June 15, 2026
Fourth of July 2026 Freebies and Deals

Fourth of July 2026 Freebies and Deals

July 3, 2026
5 things financial therapists want every advisor to know

5 things financial therapists want every advisor to know

June 26, 2026
Vanilla’s approach to better software for family offices: Listen first, build second

Vanilla’s approach to better software for family offices: Listen first, build second

July 2, 2026
Oregon Senior Housing Push: 4 Programs Worth Watching

Oregon Senior Housing Push: 4 Programs Worth Watching

July 2, 2026
Weekend Reading For Financial Planners (June 27–28)

Weekend Reading For Financial Planners (June 27–28)

June 26, 2026
Grainger (GWW) Has a Digital-Distribution and Service Engine Bigger Than an Industrial-Cycle Trade

Grainger (GWW) Has a Digital-Distribution and Service Engine Bigger Than an Industrial-Cycle Trade

0
New federal home insurance rule could leave you paying thousands out of pocket for a damaged roof

New federal home insurance rule could leave you paying thousands out of pocket for a damaged roof

0
EU Lawmakers Look Beyond MiCA, Targeting DeFi and Staking

EU Lawmakers Look Beyond MiCA, Targeting DeFi and Staking

0
How to Check Whether You’re Withholding Too Much From Social Security

How to Check Whether You’re Withholding Too Much From Social Security

0
Chapter 4: Liberalism and the Political Parties

Chapter 4: Liberalism and the Political Parties

0
Domestic prop trading firms face higher funding costs under RBI’s new rules

Domestic prop trading firms face higher funding costs under RBI’s new rules

0
Domestic prop trading firms face higher funding costs under RBI’s new rules

Domestic prop trading firms face higher funding costs under RBI’s new rules

July 8, 2026
Your Prescription Could Still Cost Hundreds on Medicaid—7 Ways to Lower the Price

Your Prescription Could Still Cost Hundreds on Medicaid—7 Ways to Lower the Price

July 8, 2026
Office-to-residential conversions are all over NYC but failures get fixed before they get worse

Office-to-residential conversions are all over NYC but failures get fixed before they get worse

July 8, 2026
How to Check Whether You’re Withholding Too Much From Social Security

How to Check Whether You’re Withholding Too Much From Social Security

July 8, 2026
New Passport System Will Make Taking At-Home Photos Easier

New Passport System Will Make Taking At-Home Photos Easier

July 8, 2026
Stitch Fix:  off for Teachers!

Stitch Fix: $40 off for Teachers!

July 8, 2026
theadvisertimes.com

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Economy
  • Financial Planning
  • Investing
  • Market Analysis
  • Markets
  • Money
  • Personal Finance
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Domestic prop trading firms face higher funding costs under RBI’s new rules
  • Your Prescription Could Still Cost Hundreds on Medicaid—7 Ways to Lower the Price
  • Office-to-residential conversions are all over NYC but failures get fixed before they get worse
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • About Us
  • Contact Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Business
  • Financial Planning
  • Personal Finance
  • Investing
  • Money
  • Economy
  • Markets
  • Stocks
  • Trading

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.