News Summary

• The building at 160 Water Street is also an example of a growing trend in real estate — urban housing converted from unused office space..
• "And whether it's one or two days a week when people are working from home, we want them to be able to find a space outside of their unit and to be able to enjoy that space or even invite co-workers over for that collaborative time in this building..
• Global sustainable-development firm Arup released a report last month showing that, if about 220 New York City office buildings were converted to housing, they could produce 54% less carbon emissions by 2050..
• Today, it is Pearl House, a new apartment building flush with upscale amenities and boasting nearly 600 new homes for New Yorkers willing to sleep where workers once filed paper, made coffee and unjammed the copy machine..
• The zoning changes, called "City of Yes for Housing Opportunity," would allow office buildings constructed before 1990 to be converted to housing..
• In San Francisco, where the office vacancy rate hit 35.6% in the fourth quarter of 2023, officials are also taking measures to streamline building codes and reduce the fees of converting offices to residences..