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The Textures of Property Markets: Downtown Housing and Office Conversions in New York City

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  • Robert A. Beauregard

    (Milano Graduate School, New School University, 72 Fifth Avenue, New York, NY 10011, USA, Beauregr@newschool.edu)

Abstract

Over the past 10-15 years, many cities in the US have experienced a form of development unknown since World War II-middle-income housing in their downtown cores. Such downtown housing initiatives assume that functional interdependence among different property sectors-office, residential, retail, entertainment-will ensue and that the resultant, co-ordinated investments will produce a lively and attractive downtown environment. This article explores the impediments to this synergism using a perspective that emphasises the 'thicknesses' of property markets; that is, the social, institutional and place-specific qualities of real estate investment. New York City's lower Manhattan revitalisation plan, designed to subsidise office conversions, is used as an example.

Suggested Citation

  • Robert A. Beauregard, 2005. "The Textures of Property Markets: Downtown Housing and Office Conversions in New York City," Urban Studies, Urban Studies Journal Limited, vol. 42(13), pages 2431-2445, December.
    • Handle: RePEc:sae:urbstu:v:42:y:2005:i:13:p:2431-2445
    DOI: 10.1080/00420980500380345
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    References listed on IDEAS

    as
    1. Thrall, Grant Ian, 2002. "Business Geography and New Real Estate Market Analysis," OUP Catalogue, Oxford University Press, number 9780195076363.
    2. R A Beauregard, 1994. "Capital Switching and the Built Environment: United States, 1970–89," Environment and Planning A, , vol. 26(5), pages 715-732, May.
    3. H Leitner, 1994. "Capital Markets, the Development Industry, and Urban Office Market Dynamics: Rethinking Building Cycles," Environment and Planning A, , vol. 26(5), pages 779-802, May.
    4. Igal Charney, 2001. "Three Dimensions of Capital Switching within the Real Estate Sector: A Canadian Case Study," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 25(4), pages 740-758, December.
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    Cited by:

    1. Kevin Muldoon-Smith & Paul Greenhalgh, 2017. "Situations Vacant: A Conceptual Framework for Commercial Real Estate Vacancy," ERES eres2017_341, European Real Estate Society (ERES).
    2. Massimo Cecchini & Ilaria Zambon & Luca Salvati, 2019. "Housing and the City: A Spatial Analysis of Residential Building Activity and the Socio-Demographic Background in a Mediterranean City, 1990–2017," Sustainability, MDPI, vol. 11(2), pages 1-23, January.
    3. Kevin R Cox, 2017. "Revisiting ‘the city as a growth machine’," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 10(3), pages 391-405.
    4. Clara Irazábal, 2009. "One Size Does Not Fit All: Land Markets and Property Rights for the Construction of the Just City," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 558-563, June.
    5. Tom Goodfellow, 2017. "Urban Fortunes and Skeleton Cityscapes: Real Estate and Late Urbanization in Kigali and Addis Ababa," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(5), pages 786-803, September.

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