City’s New Plan Allows Conversion of 46 NYC Office Buildings into Apartments

46 NYC office buildings

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New York City's Office Conversion Accelerator, launched in August, has enrolled 46 buildings with four already in the process of being converted into residential spaces. The program, supported by multiple city agencies, aims to simplify and assist building owners in navigating the complex and costly process of converting office spaces into housing units. The proposed changes also include eliminating red tape by expanding conversion eligibility for buildings constructed before 1990 and allowing non-residential buildings to convert to housing citywide. The plan also seeks to end parking mandates for new housing developments, proposing tax incentives for converting offices into affordable housing. Mayor Adams envisions reimagining central business districts and transforming empty offices into affordable homes.

Original article posted on January 16, 2024

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