Reinvigorating NYC’s Aging Assets

As New York City densifies, unbuilt lots are more difficult to come by. Now, the development pendulum is swinging back to older assets, and there’s growing incentive to repurpose aging buildings in desirable neighborhoods.

We’re already familiar with the redevelopment of the Brooklyn Navy Yards, the reimagining of Industry City, and the conversion of the former Farley Post Office into Moynihan Train Hall. But all over the city—particularly in burgeoning outer-borough neighborhoods—underutilized properties such as former warehouses and manufacturing facilities, historic banks and office buildings are reimagined as residential and co-work spaces for NYC’s growing population.

Additionally, reinvestment in the rapidly deteriorating architecture of public institutions—such as schools and universities, courthouses and jails, hospitals and homeless shelters, libraries and cultural centers—is on the rise. Citywide, every building six stories or taller is must comply with the “Façade Inspection Safety Program” (FISP), previously known as Local Law 11, which requires a façade inspection every five years by a licensed architect or engineer and may involve significant repairs necessary for public safety.

How can your firm take advantage of this emerging real estate trend and position itself for the next wave of development? How can you help owners make the best use of idle or degrading assets? What is the forecasted demand for these building types and what should they be repurposed for?  How can public policy, specifically updates to current zoning, create the conditions for strategic repositioning of these assets? Are there strategies for reactivating these assets that offers broad participation for the communities in which they are located?

Join SMPS New York on August 6th as our panel of industry and policy experts illustrate the current landscape of NYC’s aging building stock and engage in a thoughtful conversation about how A/E/C firms can effectively respond to the needs of the real estate sector and policy-makers to address this critical market.