> But obstacles facing Midtown are many. They include the need for legislation from Albany to relax strict rules for residential housing, rezoning to allow apartments in what are now commercial districts, a tax break if affordable units are required, and generally daunting economics.

>What’s more, even properties with many vacancies typically still have some office tenants in place. Ten-year leases are common.

>“Most office buildings are encumbered by existing office tenant leases and typically have to be emptied before being converted,” said Max Herzog, a specialist in financing conversions at the real estate firm JLL. “Deeper, bigger floor plates and other structural elements are often problems, there is a need for changes in the zoning and increased floor area ratios, and then there is also the financing.”

sToP WhininG, i hAVE No sYmpaThY!