A vacant Greenwich Village office building formerly leased entirely to WeWork has doubled in value less than a year after the coworking giant abandoned the space. The 11-story property at 57 East 11th Street, owned by Winter Properties, carries a fresh appraisal of $32.9 million, up from $16.4 million in June 2025, according to Morningstar Credit data released Thursday.
The dramatic revaluation reflects shifting market sentiment around distressed office assets in Manhattan. WeWork's collapse left numerous landlords holding empty space across New York City, but this Greenwich Village building appears to be recovering as demand for creative office configurations rebounds and developers explore conversion opportunities.
For Winter Properties, the near-doubling signals potential recovery in a sector battered by remote work adoption and tenant bankruptcies. The owner now holds substantially more equity in the asset, improving refinancing options or positioning for a stronger sale.
Sellers of similar vacant office buildings in lower Manhattan should take note. Properties saddled with WeWork leases suffered steep discounts two years ago. This appraisal suggests the market has reset expectations, particularly in walkable neighborhoods where adaptive reuse to residential or boutique office uses gains traction.
Buyers eyeing office-to-residential conversions in Greenwich Village face a more expensive acquisition cost now. The jump from $16.4 million to $32.9 million nearly doubles development hurdles unless conversion-friendly zoning holds firm. The property's location on East 11th Street, steps from Washington Square Park, supports residential appeal but also attracts institutional investors betting on traditional office recovery.
Lenders holding mortgage debt on similar properties benefit from rising valuations, improving loan-to-value ratios and lowering default risk. However, the improvement remains modest compared to pre-pandemic office pricing in prime Manhattan neighborhoods.
Tenants considering