NYC Office Conversions Face Scrutiny After Pfizer HQ Incident

Buckling columns at the former Pfizer headquarters this week forced evacuations across seven Midtown East blocks. The incident raises new questions about the pace and risk of NYC office-to-residential conversions encouraged by former Mayor Eric Adams’ City of Yes for Housing Opportunity and tax incentives.

Real Estate partner, Michael L. Webb, shared his insight with Housing Wire noting that while the Midtown incident may prompt increased scrutiny, it could also have broader implications for how policymakers and developers approach these projects moving forward.

From the article:

“Hopefully this doesn’t have a pause effect, or people revisiting the City of Yes legislation, but I think that might be kind of a natural impact of this,” Michael Webb, a real estate attorney with New York City firm Farrell Fritz, told HousingWire TBD.

Read the article here: NYC office conversions face scrutiny after Pfizer HQ incident