New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Task Force Outlines Steps to Accelerate Conversion of Underused NYC Offices into Housing
A city-led task force has issued recommendations to facilitate the conversion of underused office space into new housing for New Yorkers. The New York City Office Adaptive Reuse Study presents 11 concrete recommendations that would make changes to state laws and city zoning requirements.
“Enabling more offices to convert to housing will help us bring back our commercial districts while also addressing our housing supply crisis,” said Maria Torres-Springer, Deputy Mayor for Economic and Workforce Development.
The task force’s recommendations include the following:
- Expanding the universe of office buildings with the most flexible regulations for conversion to residential use from buildings constructed through 1961 to those constructed through 1990;
- Expanding flexible conversion regulations to all high-intensity office districts, including Downtown Flushing and the Bronx Hub;
- Finding opportunities to allow housing, whether through conversions or new construction, in a centrally located, high-density part of Midtown that currently prohibits residential development;
- Allowing office buildings to convert to various much-needed types of housing, including supportive housing;
- Providing flexibility for offices to convert all existing space into housing;
- Exploring and pursuing a tax incentive program to support the production of affordable and mixed-income housing through office conversions; and
- Creating a property tax abatement program to incentivize retrofitting office space for childcare centers.
- ◦Development
- ◦Policy/Gov't

