New York City’s Conversion Accelerator Program has received interest from 64 office landlords seeking to convert their properties to housing. Four buildings have already been converted or begun construction through the accelerator, creating about 2,100 apartments. Others, Lalezarian Properties’ 650 First Ave. and Vanbarton Group’s 980 Sixth Ave., have received permits to begin renovations for reuse, Gothamist reported.
The accelerator, announced in August, assists developers in navigating city laws and bureaucracy to expedite complex conversion projects. Coupled with Mayor Eric Adams’ plan to rezone Midtown, the initiatives aim to create 20,000 apartments from underutilized office stock over the next decade...
RSK: Exploring is the operative word here. Once they find out the conversion costs, many will fall by the wayside.
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- - Volume: 24 - WEEK: 23 Date: 6/4/2024 1:48:39 PM -