46 NYC Office Buildings Could Convert To Residential Under New City Program

Launched by NYC Mayor Eric Adams in August 2023, the city’s Office Conversion Accelerator program could see 46 office buildings converted to residential, Axios reports. Described as a “first-of-its-kind support system” to help property owners navigate the complex and expensive conversion process, the program aims to address the hybrid work trend that emerged from the COVID-19 pandemic and soaring rents. Four buildings have already begun the process and are expected to yield 2,100 new housing units. The program brings in representatives from the Department of City Planning, the Department of Buildings and the Landmarks Preservation Commission, among others, to assist developers with specifics such as zoning feasibility and permitting. The Mayor’s Office is proposing updates to the program including expanding conversion eligibility in terms of building vintage and location and enabling a wider variety of conversions such as into shared or student housing. The proposed legislation, which could be voted on this year, also includes eliminating parking mandates for any new housing, including conversions.