Repositioning of Real Estate Assets for 2023 and Beyond
The repositioning of real estate assets is a hot topic as building owners and investors want their assets to be on the market, producing income. The speed to market and being able to deliver can be a challenge regardless of where in the real estate cycle the need to reposition appears. Herrick Real Estate Partner, Patrick J. O’Sullivan, Jr., is joined by Raffaela Dunne and David Quart from VHB to discuss what the repositioning of an asset really means – and why you likely need a team of professionals around you for this endeavor. Converting a building from office to residential (or to educational, medical or life science uses) is not as easy as changing out the furniture. This process is complex even if the conversion is as-of-right. Zoning considerations inside and outside New York City are also important for building owners and developers to understand.