The vacancy rate for office space in the nation's major markets increased to its highest level–13.7 percent–since the second quarter of 2005, according to a report issued by Cushman & Wakefield. New York City's vacancy rate is still among the nation's lowest at 10.5 percent, along with New Haven, Portland (Ore.), Philadelphia, Boston and Washington, D.C.
The former office building at 200 Water Street–recently in use as an NYU dormitory–will be converted to luxury rental apartments this summer. The Rockrose Development Corporation–who took over the building known as 127 John Street in 1997 and changed its address to 200 Water Street–created the 576 residential apartments in an $80 million conversion that was reportedly the first of its kind in the city, in this case encouraged by zoning changes promoting residential conversions in the area. The new residence looks as if it will retain some of its dorm charm–features include a roof deck with a barbecue grill, cabana and vending machines–but with standard FiDi additions like a rooftop waterfall shower. With studios starting at $2,045 a month–and without the postgrad Wall Street frat rush–the new landlords must be counting on former dormers staying on good terms with their college roommates.
CityRealty.com–New Developments
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