Office-to-Residential Conversions

BridgePrep Academy signed a 56,000 sf lease at California Club, a 273,050 sf center at 750 Ives Dairy Road, in a sign of schools filling retail boxes.

Nightlife operator Romain Zago filed to reopen South Beach's Cameo Theater as a 466-seat restaurant and lounge with a 5 a.m. alcohol license. Hearing is Nov. 3.

Astor & Rowe is listed as owner on a DOB filing to convert 330 East 59th Street to 24 apartments, one day after a $9.07M deed dated Sept. 10.

Chase's $175M loan on the 355 Lexington conversion hit ACRIS as two mortgages, $139.2M and $35.8M, on a lot whose last loan was $7.6M.

The filing covers a four-story building at 133 West 13th Street, one of two lots that sold together in September 2023.

It is the third lender in five years on the same two lots: PIMCO at $181M in 2021, Corebridge at $70M in 2025, now NDF III Lender A1 LLC.

Compson Associates plans 157 condos on two office-zoned lots in Boca's Park at Broken Sound, racing a 2,500-unit residential cap set in 2012.

About 1,000 of the homes will be permanently affordable as the Financial District office-to-housing conversion heads toward a scoping hearing next month.

Developers read DOB stated cost as a proxy for project size. At 355 Lexington Avenue the loan is 4.8 times the number on the permit, which means the proxy does not work.

The sale price was reported. The capital stack was not. The recorded mortgage puts $879 per sq ft of basis on 79 cents of day-one debt, and the 1990 deed that set the seller's basis carries no price at all.

Manhattan's conversion wave has been office to apartments. The owner of Rockefeller Center is taking the other exit, and the filing prices it to the dollar.

The zoning on this lot allows a residential floor area ratio of 15.0, the same as the West 35th Street loft heading to 166 apartments. The sponsor chose storage, and an institutional lender funded it.

Carr Properties is selling and refinancing other DC office assets, but lenders just backed its Foggy Bottom conversion with a five-year, $92 million construction loan.

Seven floors at 19th Street leave the commercial market. Gensler is on the architecture, Jaros Baum & Bolles on the systems.

Naya USA is seeking multifamily zoning for its 6-acre Cypress Creek office site, which could yield up to 300 apartments.

The same debt fund has now committed $427M to two New York office-to-residential conversions inside four days, both of them partial.

The Beach Point entity that took the deed from Chetrit in April 2025 sold the building a month later, and a $71,010,778 mortgage back to Beach Point recorded the same day.

Five years, a $78.8 million construction loan and a full structural enlargement produced a building with no certificate of occupancy and no tenants.

Fort Lauderdale-based BH3 and Capstone Equities landed a $208M Northwind Group loan to convert a vacant Brooklyn office tower into 239 apartments.

Kohl's bought the 8.2-acre site for $14.8 million in 2008. Eighteen years later a health system is the one writing the check, not another retailer.

Nearly 50,000 people looked. Nobody bid. The county just gave the market three more weeks at the same number.

The auction sets the price. One adviser's read on the building's own geometry is arguing the product type.

An aging medical office building near Aventura becomes the test case for how far Live Local's density override can push an infill office site.

A second live office-to-residential conversion has stopped mid-build, and the schedule and diligence math for the whole category just got harder.

The staff report concedes the mall's main entrance closes. The product answer is to turn the pad inside out and give it its own front door.

A hedge-fund fortune is converting two Manhattan buildings into a life-sciences campus, and the demand behind it is medical, not commercial.

A 1969 warehouse painted black, windows included, just traded at a level no industrial tenant would pay. Creator capital is a new bidder for infill boxes.

The most photographed failed project in America finally has a buyer. Graffiti removal starts within 30 days.

A billionaire's industrial-to-residential conversion clears entitlement, over the city's preference for a jobs center.

A Milstein family holding of 50 years trades, and the buyer is already prepping the wrecking ball.

The former Pfizer HQ was deemed stable, but the near-miss puts a price on the diligence conversions of aging stock now demand.

Office-to-resi gets the headlines, but the sharper conversion math is often in oddball assets.

A 20-year saga clears its last big hurdle as the city green-lights the county's plan for the 1926 landmark.

A new luxury brand repurposes space inside 10 Rockefeller Plaza for the complex's first-ever hotel.

The developer will merge the Haddon Hall hotel and the Campton Apartments, both 1940s Art Deco, into a 262-room Starwood Treehouse hotel.