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The loft conversions were more profitable to the landlords than industrial use. [1] By 1977, the New York City Department of City Planning found that 91.5 percent of the conversions were illegal [ 2 ] and 44.9 percent of those lofts were occupied by heads of households who were artists. [ 3 ]
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A loft conversion or an attic conversion is the process of transforming an empty attic space or loft into a functional room, typically used as a bedroom, office space, a gym, or storage space. Loft conversions are one of the most popular forms of home improvement in the United Kingdom as a result of their numerous perceived benefits.
In US usage, a loft is an upper room or storey in a building, mainly in a barn, directly under the roof, used for storage (as in most private houses).In this sense it is roughly synonymous with attic, the major difference being that an attic typically constitutes an entire floor of the building, while a loft covers only a few rooms, leaving one or more sides open to the lower floor.
In general, office rents in New York collapsed after the coronavirus pandemic, with an office space vacancy rate of 17–18% pushing down rents. [22] Jeffrey Gural and Metro Loft Management were looking to buy the building by mid-2022. [23] In December 2022, Edge Funds and HSBC Alternative Investments sold the property.
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The Rudins sold most of their stake to Nathan Berman of Metro Loft and Silverstein Properties with the agreement that Metro Loft would lead a residential conversion. [1] [5] Silverstein and Metro Loft originally intended to buy the building for $180 million in May 2022, [6] [7] but increasing interest rates led to the postponement of the sale. [8]
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