Carter Ledyard & Milburn LLP Partner Mark D. Jackson was quoted in The Wall Street Journal discussing the potential impact of the recent structural issues at the former Pfizer headquarters in Midtown Manhattan on the growing office-to-residential conversion market.
The article, “NYC High-Rise Scare Is Harsh Reality Check for Office-to-Apartment Conversion Boom,” examines how the recent structural issues at the former Pfizer headquarters could reshape the office-to-residential conversion market by increasing scrutiny from developers, lenders, insurers, regulators, and our own attorney, Mark Jackson.
Commenting on the potential effects on the industry, Mark noted that he expects a “short-term Pfizer premium” on future builder’s risk and design-related insurance policies for office-to-residential projects, due to the various unknowns of what caused the project’s structural malfunctions and how costly the corrective measures will be.
