While lenders are closely watching the investigation into the buckled columns and sagging floor of the former Pfizer headquarters in New York City, insurers are focused on what any findings may mean for the broader market. "These office-to-residential conversions are very popular here in New York City and they're only growing in demand ... Office-to-residential conversions have become hot commodities as they often involve faster turnarounds and lower costs than new construction. Whether it's the New York City Department of Buildings or the New York City Department of Investigation." Really quickly, the $70-million project turned into a $120-million project because they had to install some structural reinforcements that were unforeseen."