The New York City Economic Development Corporation and the New York City Industrial Development Agency have launched the Manhattan Commercial Revitalization Program (M-CORE) to provide financial assistance through tax incentives to renovate commercial office buildings in Manhattan.  

The program is intended to reduce vacancy rates and attract world-class tenants to the area while also stimulating the growth of incubator and accelerator companies. The initiative is in response to the slowdown in investment in commercial office space as a result of the rise in interest rates, and the program aims to transform the outdated office buildings in New York’s business districts into high-quality, amenity-rich spaces.  

M-CORE will incentivize building owners to undertake necessary investments to improve their office spaces, and the program is estimated to generate between $750 million and $844 million in net benefit for the city.