What It Really Takes to Convert an Office Building to Apartments | Odd Lots

Here are two of my favorite odd lots episodes. How banking worked before computers: [LINK] What it takes to convert commercial buildings to residential buildings: [VIDEO] Sharing YouTube links because they don't have paywall free podcast pages, though the podcast is free to subscribe to (with ads).

Bloomberg's Odd Lots podcast had an episode with someone who does conversions, "What It Really Takes to Convert an Office Building Into Apartments": > Big cities like New York have two real estate problems. Housing is scarce and office buildings are empty (or at least under-utilized.) So there would seem to be an obvious solution: turn the offices into homes. And indeed there has been a lot of talk lately about "office-to-resi" conversions. But it's very hard, for a wide variety of reasons. Zoning, financing, and then, of course, the operational aspects of the construction all need to be in place. So what does it take? On this episode, we speak with Joey Chilelli, managing director at the Vanbarton Group, a firm that's been involved with these projects for a decade and long before the pandemic upended both real estate markets. We discuss the challenges involved in actually pulling off these complex projects. * [LINK] * [VIDEO]

July 6, 2023, "What It Really Takes to Convert an Office Building Into Apartments" > Big cities like New York have two real estate problems. Housing is scarce and office buildings are empty (or at least under-utilized.) So there would seem to be an obvious solution: turn the offices into homes. And indeed there has been a lot of talk lately about "office-to-resi" conversions. But it's very hard, for a wide variety of reasons. Zoning, financing, and then, of course, the operational aspects of the construction all need to be in place. So what does it take? On this episode, we speak with Joey Chilelli, managing director at the Vanbarton Group, a firm that's been involved with these projects for a decade and long before the pandemic upended both real estate markets. We discuss the challenges involved in actually pulling off these complex projects. * [LINK] * [VIDEO]

A few months ago Bloomberg's Odd Lots podcast had an episode on this: > Big cities like New York have two real estate problems. Housing is scarce and office buildings are empty (or at least under-utilized.) So there would seem to be an obvious solution: turn the offices into homes. And indeed there has been a lot of talk lately about "office-to-resi" conversions. But it's very hard, for a wide variety of reasons. Zoning, financing, and then, of course, the operational aspects of the construction all need to be in place. So what does it take? On this episode, we speak with Joey Chilelli, managing director at the Vanbarton Group, a firm that's been involved with these projects for a decade and long before the pandemic upended both real estate markets. We discuss the challenges involved in actually pulling off these complex projects. * [LINK] * [VIDEO]

There's a good "odd lots" podcast about this[1]. There's another of their podcasts about how apartment zoning rules make it hard to make "family" apartments[2]. Basically you need two egress points, windows that can open, windows in kitches and bedrooms. All of these are directly in contradiction to modern office buildings with open floor plans, fixed windows, shared mechanical systems. So it may be possible to convert offices into apartments, but it's very expensive and you end up losing a bunch of floor space. [1] [VIDEO] [2] [LINK]

This podcast is about the NYC market, but a good deep dive into why this is not a simple proposition. [VIDEO]