Office To Residential Skyscraper Conversion Construction Site In Lower Manhattan

NEW YORK, NEW YORK - FEBRUARY 29: (AUDIO OMITTED) Office skyscrapers stand in Lower Manhattan's Financial District, among them the 25 Water Street building which continues its conversion from office to residential units, on February 29, 2024 in New York City. The remote and hybrid work models implemented during the COVID-19 pandemic, a decrease in tourist visitors, a large amount of people leaving the city and other economic changes affected the real estate market in New York and other downtown areas across major US cities. This resulted in an increasing amount of empty commercial real estate units and office spaces. At the same time there is a lack in affordable housing. Some developers are exploring options to convert office buildings into apartment buildings. The 25 Water street conversion will result in 1,300 residential units. (Footage by ThomPics - SK/Getty Images)