When the going gets tough, the tough remodel. Remodeling, renovating, repurposing, or repositioning - whatever you may call it, developers are looking to refurbish old buildings to get more value out of their properties. A recent New York Times article examines a few recent renovations, and how they offer a way to receive greater return. If developers are able to purchase an old building at a reduced price, a portion of the money saved can be used to upgrade it, which in turn brings in better rents.
Even if a building is stripped to its foundation, the savings of keeping the existing foundation (versus demolishing it) can be significant. Not only are materials prices saved, but there is less construction time involved, therefore ushering in tenants quicker. Other aspects, such as grandfathered zoning and the "green" factor of retrofitting, are also very appealing.
For the complete article from the New York Times, click here.
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