Verizon slims down, delighting developers

[NEW YORK] In the merry-go-round of redevelopment projects in New York - where office buildings turn into apartment houses, and factories into offices, and so on - a utility company has become a timely and reliable source of real estate.

Verizon Communications, the telecoms giant, has over the last few years been selling many of its buildings across the city, from humble garages to elegant Art Deco towers - and some windowless hulks considered eyesores.

Rapidly changing technology has significantly shrunk Verizon'…