NYC can take more than 17k new-falid apartments for office-converting

The lack of New York City apartments can find an impossible hero in the zeal of unused office buildings.

A new report issued on Thursday by controller Brad Lander assessment that the first large wave of office-residency catalyzed-catalyzed by Pandemia-in-job vacancies-to offer up to 17,400 apartments in 44 development.

These projects would turn approximately 15.2 million square meters of office space in shelter, with much of the activity concentrated in Manhattan under the 59th road.

Among the most ambitious makeouts: former -selia of JPMORGAN Chase and New York Daily News on 25 Water St., now home for about 1,300 apartments; Old Pfizer campus in Midtown East, which is decided to become 1,500 units; The former New York Burst at 40 Exchange Place is set to build 382 units; And 55 Broad Street, offices Oneime Goldman Sachs, turned into 571 houses.

Developers show no sign of slowdown.

In recent months, plans have surfaces to turn 38-storey 5 times to 1,250 apartments and to resonate a site in the center of Brooklyn to 395 Flatbush Ave. Extension for a 72-storey tower with more than 1,200 units.

The pushing of the city to reimburse the outdated office towers while the housing received an incentive in 2024 with the passage of tax exemption 467-M. The new law offers developers large tax cuts in exchange for reserving at least 25% of units as affordable housing – and removes long restrictions on construction density for residence conversions.

But Lander’s office argues that the program, though with good intention, can go far.

The Lander team estimates that generous exemptions can cost the city $ 5.1 billion in tax declaration pardoned over the next 37 years, stressing that developers in Lower Manhattan.

The report concludes that lawmakers failed to “regulate” the details of the program, warning that some of the most generous incentives can go, are the least.

Specifically, she warned that white exemption 90% for projects south of 96 road can prove highly profitable for developers in the already repeated areas for housing redevelopment.

Despite fiscal concerns, the report emphasizes the overthrow of these conversions: that is, by helping the city “absorb” a post-fandemic excess of office space while seeing new mixed, mixed income neighborhoods.