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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 ]
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]
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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Metro Loft entered into contract to purchase the building from AIG in 2019. [11] An entity linked to Ken Dart purchased the building from Vanbarton Group in 2022. [12] Vanbarton sold the building after zoning changes that might have permitted the conversion of the building from an office property to housing did not occur. [13]
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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.