New York City’s Office-to-Residential Boom: Why 467-m Is Driving a New Era of Development

A recent Wall Street Journal piece by Brian McGill, Max Rust, and Peter Grant highlights a major trend reshaping New York City: the rapid acceleration of office-to-residential (OTR) conversions. As post-pandemic shifts continue to transform workplace behavior and housing needs, New York has emerged as the national leader in repurposing under-utilized office buildings into much-needed housing.

 

The Power Behind the Trend: 467-m and Other Key Incentives

A major catalyst behind this surge is the 467-m property tax incentive—one of the most important tools currently available to developers considering OTR conversions. When paired with other affordable-housing and tax-incentive programs, 467-m is opening the door for projects that would have been economically infeasible just a few years ago.

For those interested in understanding the full landscape of incentives, including how 467-m works and how it integrates with broader affordable-housing frameworks, additional resources are available for deeper exploration when you click here

 

Act Quickly: Key Deadline Approaching

The most substantial 467-m benefits are available only to projects with a Commencement Date on or before June 30, 2026. That deadline may seem distant, but given the complexity of planning, design, financing, and approvals, developers considering an OTR strategy should begin the process as soon as possible.

 

How We Can Help

My colleagues at Rosenberg & Estis, P.C. and I are actively advising owners, investors, and lenders on how to evaluate, structure, and implement successful NYC OTR conversions. If you’re exploring an OTR project—or financing one—we would be glad to assist.

 

Office-to-residential conversions are not just a trend; they are becoming a core component of New York’s long-term housing and economic strategy. Now is the moment to take advantage of it.