No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Tuesday, August 18, 2026
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Business

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

by TheAdviserMagazine
1 month ago
in Business
Reading Time: 3 mins read
A A
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

Stop Wasting Time. Here’s the Workflow to Find Trades Before Everyone Else.

Next Post

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

Related Posts

edit post
Bill Ackman’s hedge fund made janitors and receptionists millionaires—and its investment team summer together

Bill Ackman’s hedge fund made janitors and receptionists millionaires—and its investment team summer together

by TheAdviserMagazine
August 8, 2026
0

Staying at one company for decades was once a badge of honor. But as layoffs have become more common and...

edit post
Wisconsin: The Next Frontier for Socialists

Wisconsin: The Next Frontier for Socialists

by TheAdviserMagazine
August 8, 2026
0

First, they won in New York. Then they took Maine, Colorado, and Michigan. And now, the next battleground for the...

edit post
Explained: How BSE traded fewer contracts after CAS but premiums rose 75% in first week

Explained: How BSE traded fewer contracts after CAS but premiums rose 75% in first week

by TheAdviserMagazine
August 8, 2026
0

Asia's oldest exchange, BSE, traded far fewer derivatives contracts in the first week following the implementation of the Closing Auction...

edit post
F&O Talk: Smallcaps look strong on charts, says Sudeep Shah; outlines Trent, Swiggy, Kalyan Jewellers strategy

F&O Talk: Smallcaps look strong on charts, says Sudeep Shah; outlines Trent, Swiggy, Kalyan Jewellers strategy

by TheAdviserMagazine
August 8, 2026
0

The Indian stock markets closed in the red, with the newly-launched closing auction session continuing to create a divergence among...

edit post
Trump tries again to fire Fed governor Lisa Cook, renewing battle over central bank independence

Trump tries again to fire Fed governor Lisa Cook, renewing battle over central bank independence

by TheAdviserMagazine
August 7, 2026
0

The Trump administration is moving ahead with its efforts to fire Federal Reserve governor Lisa Cook, two months after the...

edit post
Meet the 82-year-old Kentucky grandma who turned down M to turn her farm into a data center

Meet the 82-year-old Kentucky grandma who turned down $26M to turn her farm into a data center

by TheAdviserMagazine
August 7, 2026
0

Ida Huddleston has lived on the same stretch of farmland outside Maysville, Ky., since she was 16. She and her...

Next Post
edit 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

edit post
Will Enterprises Ever Choose SpaceX’s Grok and Cursor?

Will Enterprises Ever Choose SpaceX’s Grok and Cursor?

  • Trending
  • Comments
  • Latest
edit post
Georgia Senior SNAP and Meal Resources Older Adults Can Use

Georgia Senior SNAP and Meal Resources Older Adults Can Use

July 24, 2026
edit post
Judge Who Helped Violent Illegal Alien Evade ICE Faces New Test

Judge Who Helped Violent Illegal Alien Evade ICE Faces New Test

July 31, 2026
edit post
Driving the Noncitizen Voting Scandal: Registration With License

Driving the Noncitizen Voting Scandal: Registration With License

July 26, 2026
edit post
Garbage Trucks Surveillance Florida Neighborhoods

Garbage Trucks Surveillance Florida Neighborhoods

July 29, 2026
edit post
Does a Revocable Trust Protect Your Assets From Lawsuits and Creditors?

Does a Revocable Trust Protect Your Assets From Lawsuits and Creditors?

August 7, 2026
edit post
Montana Puts Democrats in a Bind as Senate Hopes Fade

Montana Puts Democrats in a Bind as Senate Hopes Fade

August 2, 2026
edit post
Explained: How BSE traded fewer contracts after CAS but premiums rose 75% in first week

Explained: How BSE traded fewer contracts after CAS but premiums rose 75% in first week

0
edit post
E.W. Scripps Q2 2026 Loss Widens to -.68/Share, Revenue Down 9%

E.W. Scripps Q2 2026 Loss Widens to -$12.68/Share, Revenue Down 9%

0
edit post
Psychology says procrastination about retirement may be less about discipline than identity — brain scans found people often represent their future selves more like strangers than like themselves, and experiments using age-progressed faces made tomorrow’s person feel real enough for participants to save more money for them

Psychology says procrastination about retirement may be less about discipline than identity — brain scans found people often represent their future selves more like strangers than like themselves, and experiments using age-progressed faces made tomorrow’s person feel real enough for participants to save more money for them

0
edit post
Four AI Escapes Just Redefined “Responsible AI”

Four AI Escapes Just Redefined “Responsible AI”

0
edit post
Bill Ackman’s hedge fund made janitors and receptionists millionaires—and its investment team summer together

Bill Ackman’s hedge fund made janitors and receptionists millionaires—and its investment team summer together

0
edit post
Kalshi Predicts Bitcoin Price Could Reach K in August

Kalshi Predicts Bitcoin Price Could Reach $68K in August

0
edit post
Bill Ackman’s hedge fund made janitors and receptionists millionaires—and its investment team summer together

Bill Ackman’s hedge fund made janitors and receptionists millionaires—and its investment team summer together

August 8, 2026
edit post
Links 8/8/2026 | naked capitalism

Links 8/8/2026 | naked capitalism

August 8, 2026
edit post
Wisconsin: The Next Frontier for Socialists

Wisconsin: The Next Frontier for Socialists

August 8, 2026
edit post
Psychology says procrastination about retirement may be less about discipline than identity — brain scans found people often represent their future selves more like strangers than like themselves, and experiments using age-progressed faces made tomorrow’s person feel real enough for participants to save more money for them

Psychology says procrastination about retirement may be less about discipline than identity — brain scans found people often represent their future selves more like strangers than like themselves, and experiments using age-progressed faces made tomorrow’s person feel real enough for participants to save more money for them

August 8, 2026
edit post
Why You Should Be Wary of Aspartame, but Not Totally Rule It Out

Why You Should Be Wary of Aspartame, but Not Totally Rule It Out

August 8, 2026
edit post
Kalshi Predicts Bitcoin Price Could Reach K in August

Kalshi Predicts Bitcoin Price Could Reach $68K in August

August 8, 2026
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Bill Ackman’s hedge fund made janitors and receptionists millionaires—and its investment team summer together
  • Links 8/8/2026 | naked capitalism
  • Wisconsin: The Next Frontier for Socialists
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About 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
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

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