October 29, 2025
The Union League ClubNew York, NYPreliminary Agenda
Provisional start & end times
October 29: 8:00am - 5:30pm
Agenda Topics
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Making the Numbers Work: Financing & Capital Stack Strategies for Conversion Projects
- How do equity, mezzanine debt, preferred equity, and senior debt typically fit into conversion deals?
- What are lenders looking for in conversion projects today, and how have underwriting standards evolved?
- Using tax credits, TIFs, PACE financing, and opportunity zones to close funding gaps
- How can developers leverage municipal support, grants, or subsidies to make projects viable?
- What are investors and lenders return expectations and exit strategies in today’s market?
- How are appraisers and underwriters valuing partially vacant or obsolete office buildings for conversion?
- Why does private equity fear conversions?
- Analyzing the cost-benefit equation of converting commercial space to residential
- Exploring financing tools, deal structures, and debt and equity frameworks unique to conversions
- Working with banks, private equity, and alternative capital sources
- LEED certification, energy retrofits, and long-term operational savings
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Zoning, Code & Policy: Navigating the Regulatory Maze & Collaborating with Cities for Impact
- How do developers navigate zoning codes that prohibit residential use in commercial zones? Exploring best practices for securing variances or rezoning approvals
- What are the key differences between office and residential building codes? How can cities streamline code compliance for conversion projects?
- Permitting bottlenecks and streamlining solutions: What models are working?
- By-Right Conversions: What are the trade-offs and potential impacts?
- How can developers and city officials work together to build public support and address neighborhood concerns?
- What incentives come into play for workforce and affordable housing? How is the financing different?
- How municipalities are incentivizing conversions (or creating roadblocks)
- Legal considerations: Title issues, condominium conversion law, construction litigation risks
- Where do attorneys fit into the lifecycle of a project?
- Exploring New York’s “City of Yes” initiative
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Design Strategies, Construction Logistics & Phasing for Adaptive Reuse
- How are architects addressing deep floor plates, limited window access, and outdated layouts to meet residential standards?
- What are the most common structural challenges in office-to-residential conversions, and can they be turned into design features?
- Strategies for retrofitting mechanical, electrical, and plumbing systems, and reconfiguring elevators and stairwells for residential use
- Occupied Conversions: Phasing construction to minimize disruption in partially occupied buildings or urban cores
- What role does sustainable design play? Environmental impact of reusing vs. demolishing and rebuilding.
- Designing flexible floor plans for different markets (luxury, workforce, affordable)
- Demographic trends: Designing for today’s residents
- Managing construction in operational or dense urban environments
- Balancing aesthetics, livability, and feasibility
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Property-Level Analysis: Evaluating a Building for Residential Conversion
- What are the key physical characteristics (floor plate depth, window spacing, ceiling heights, egress, core placement) that determine conversion feasibility?
- What is the most efficient way to evaluate whether the current zoning even allows residential use? How do you identify potential entitlement hurdles?
- Infrastructure evaluation: HVAC capacity, plumbing risers, electrical load, and fire/life safety systems
- Analyzing a building’s ability to accommodate efficient unit layouts, natural light access, and target unit counts per floor. Do the efficiency ratios work?
- Can conversions make better apartments than ground up projects?
- What goes into early-stage financial modeling for a conversion project?
- How do you approach conversions involving landmarked or historically significant buildings? How can you balance preservation requirements with modern residential needs and incentives?
- Does the location, surrounding amenities, and market demand support a successful residential product?
- Creating pro forma models based on as-is conditions vs. post-conversion potential
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Capitalizing On The Surge Of Hotel-to-Residential Conversions
- What makes older or underperforming hotels attractive candidates for residential conversion compared to office buildings?
- How do existing layouts, plumbing stacks, room sizes and amenity spaces simplify or complicate the conversion process?
- How do you underwrite hotel-to-residential deals? What are the key differences in cost structure, revenue assumptions, and exit strategies?
- Market dynamics: Extended stay vs. traditional and urban vs. suburban
- What are the common zoning and code issues specific to hotel conversions? How do they differ from office-to-residential projects?
- What residential formats such as micro-units, co-living or senior housing are best suited for converted hotel properties?
- What has worked? What hasn’t? What did you wish you had known at the outset?
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From Feasibility to Final Sign-Off: Timelines, Milestones & Red Flags in Conversion Projects
- Establishing a Realistic Project Timeline: What are the typical phases of a conversion project—from acquisition to lease-up—and how long does each phase usually take?
- What are the critical go/no-go points in a conversion project? How should you prepare for them?
- Early red flags: When to walk away and when to push forward
- Feasibility Studies: What should a robust feasibility study cover, and what are the red flags that signal a project may not be viable?
- The importance of managing communication and alignment between architects, engineers, city officials, lenders, and contractors
- What are the most common delays or surprises during permitting and inspections? Can they be proactively addressed?
- How to set realistic expectations with partners, lenders, and investors
- How much contingency planning and risk management should be built into the budget and schedule?
- Lessons learned from full-cycle projects
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Go-To-Market Strategy: Marketing & Positioning Approaches for Converted Properties
- How do you identify the ideal resident profile and tailor unit design, amenities, and pricing accordingly?
- Crafting a compelling narrative around the building’s transformation to differentiate it in a competitive market
- Pricing Strategy: Best practices for setting initial rents or sale prices
- How do you balance absorption speed with revenue goals?
- What role do virtual tours, social media, and AI-driven leasing platforms play in reaching resident prospects?
- Developing marketing strategies that resonate with your target demographic
- When is the optimal time to go to market? Aligning marketing efforts with construction milestones and seasonal demand
- Naming, branding, and visual identity for newly converted properties
- Capitalizing on macro trends in remote work, hybrid life and housing needs
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Repositioning vs. Full Conversion: Strategic Alternatives for Underperforming Assets
- When does a renovation or partial repositioning make more sense than a full residential conversion?
- How do the capital requirements, project durations, and risk profiles differ between repositioning and full conversion?
- Blending residential, co-working or hospitality elements. What are the operational and financial implications of hybrid strategies?
- What factors such as location, building type, vacancy rates, and market demand indicate whether a building is better suited for repositioning or conversion?
- How do entitlement processes and code compliance differ between the two approaches?
- Exploring return profiles and investor appetite
- Does the reality about conversions support or undermine conventional wisdom?
- Conversion refis, workouts & buying uncompleted projects
- How do existing leases impact the decision to reposition or convert? Strategies for negotiating early terminations or re-tenanting
- How do sustainability goals and ESG metrics influence the choice between repositioning and full conversion?
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Looking Beyond Office: Exploring Alternative Conversion Opportunities Across Asset Classes
- What other property types such as retail malls, industrial buildings, or schools are ripe for conversion, and why?
- What are some of the most innovative and successful examples of alternative conversions such as malls to medical centers or warehouses to creative housing?
- How do cost structures, revenue models, and operational risks differ when converting non-office assets?
- Are cities and states adapting their policies to support conversions beyond office buildings? What incentives or regulatory changes are needed?
- With rising enrollment and housing shortages near campuses, how can older hotels, offices, or multifamily buildings be repositioned for student housing?
- Retail-to-residential: Reimagining malls, strip centers, and big-box stores as housing
- Medical office and life sciences conversions: Navigating specialized infrastructure
- School and institutional building conversions: Repurposing for housing or mixed-use.
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Technology & Innovation in Conversion Projects
- How are 3D scanning, LiDAR, and digital twins being used to assess existing conditions and streamline design for conversions?
- What role does AI play in early-stage site analysis, unit layout optimization, and cost modeling?
- Construction tech and modular solutions: How are innovations like prefabrication, modular construction, and robotics helping reduce timelines and improve quality?
- How can integrated IoT systems, smart HVAC, and access control enhance the appeal and efficiency of converted residential properties?
- What digital tools are improving coordination across teams and reducing delays in complex projects?
- How are technologies like energy modeling, carbon tracking, and green retrofitting tools supporting ESG goals in conversion developments?
- Leveraging PropTech, BIM, and digital twin modeling in design and construction
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Smart Acquisitions: Navigating Pricing, Financing & Due Diligence in Conversion Deals
- Understanding how pricing dynamics differ for underutilized assets and what drives value in conversion candidates
- Exploring debt and equity options, including bridge loans, mezzanine financing, and public-private partnerships
- Due Diligence: Best practices for evaluating building systems, title issues, occupancy history, and compliance with residential code requirements
- Identifying red flags in zoning, environmental, and structural due diligence specific to adaptive reuse
- How do you model cash flows and returns when the asset’s future use differs from its current state?
- Leveraging tax credits, grants, and local government programs to enhance deal viability
- Strategies for securing favorable terms in a competitive or distressed acquisition environment