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sokpuppet1 t1_ja8ijez wrote

Reply to comment by drpvn in Midtown Owners Hedge on Costly Office-to-Home Conversions by psychothumbs

The landlords are exaggerating how hard it is to convert these buildings. Bottom line, they just don’t want to lose money, which is what will happen.

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guisar t1_ja8za2c wrote

I'm going to guess these places have LARGE commercial loans against them and the covenants prevent the space from converting as the bank would call in the loan if they attempt and that the places are underwater enough that refinancing isn't an option. If it's an REIT, they are just sitting on the tax benefits.

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