Pre-pandemic, New York’s multifamily market showed steady rent growth, with adaptive reuse projects slowly gaining momentum. However, the COVID-19 pandemic drastically altered the landscape, causing sharp declines in rent growth, particularly in the Financial District. Adaptive reuse projects, converting underutilized office spaces into residential units, proved more resilient, maintaining demand for unique housing options. By 2024, adaptive reuse emerged as one of the most stable segments in the market, offering a blend of historical charm and modern living, with rent growth outpacing both the Financial District and broader metro market. 

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