Rehabbing older commercial buildings is gaining popularity among buyers and owners who have lost tenants and hope retooling the property will give it a new lease on profitability.
”A lot of these buildings may be close to half their recent value, compared to where they were before the crash,” says A. Eugene Kohn, chairman of the architectural firm Kohn Pedersen Fox. ”If you can now buy an existing building for a great price, you can afford to upgrade it and get great rents, and you spend less than building new.”
Other reasons to rebuild include interest in sustainability and grandfathered zoning, Kohn says.
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Source: The New York Times, Alison Gregor (04/07/2010)
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