The owners of 64 office buildings in New York City have inquired for assistance in converting their commercial properties into multifamily housing.
According to GlobeSt.com, the building owners are working with the city’s Office Conversion Accelerator Program, which consists of representatives from multiple municipal agencies that will coordinate the zoning feasibility of the proposed conversions. If it is determined the conversion can proceed, the program works to secure necessary permits required to transition the office properties into housing units.
The program was launched last summer and is part of Mayor Eric Adams’ goal to create up to 20,000 apartments in former office properties. According to the Department of City Planning, seven conversion projects were either completed or are currently underway, with most of the projects based in Lower Manhattan