SoMA at 25 Water Street is the largest office-to-residential conversion in the U.S. to date. Rendering courtesy of Streetsense

Across New York City’s five boroughs, office space occupies 730 million square feet (600 million of which is in Manhattan), according to CoStar data obtained by New York City Comptroller Brad Lander. This is the most of any North American city; runner-up Los Angeles has only 432 million square feet of office space. So, it’s no wonder that the conversation around post-Covid commercial real estate vacancies is such a hot-button issue, especially considering that Manhattan’s residential vacancy rate is just 1.2 percent .

On the commercial side, New York City’s vacancy rate hit 14.8 percent last month, a five-year low, according to JLL data reported by the New Y

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