In this special guest episode of the TreppWire Podcast, we are joined by Joey Chilelli, partner at Vanbarton Group and one of New York City's most active office-to-residential conversion developers. Joey makes the case that the split between Class A space and everything else is structural rather than cyclical, walks through how Vanbarton has underwritten conversions since 2011, and explains what actually determines whether a building pencils, from going-in basis to exit on a per-unit level. He also covers the timeline advantage over ground-up development, how the lender group has widened from a handful to dozens, the role of City of Yes and 467M in growing the pipeline, and why he believes conversions are here for the long term. Tune in now. Episode Notes (00:00) Intro(01:19) Joey's Path into CRE(02:50) State of the Office Market(07:10) Conversion Pipeline & NYC Incentives(16:13) Underwriting & Financing(21:59) Resident Experience & Renewals(25:20) Which Buildings Convert & the Vanbarton Team(32:28) The Next Five Years & OutroQuestions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp 

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