The buckling of two support columns at the former Pfizer headquarters in Midtown Manhattan on Tuesday morning rattled more than the nation's largest office-to-residential project. It jolted a real estate industry that has been looking to the building as a bellwether for the city’s conversion boom...
Martin added that lenders could be more hesitant to finance these projects and insurance rates could rise following the national news coverage the incident has received...
Martin highlighted that the situation is uncommon — most conversions don’t involve major additions. He also expressed concern that Tuesday's incident may result in unnecessary mandates and additional costs, whether that be by lawmakers, lenders or insurance providers...
https://www.bisnow.com/new-york/news/ada...ffice-to-resi-conversion-reaction-135350