"Apollo Global Management, RXR Realty, and SL Green Realty are set to convert a 38-story office building into up to 1,250 housing units, mostly studios, with 25% affordable housing."
"This project exemplifies the expanding possibilities for office-to-residential conversions, particularly due to the override of local zoning rules enabled by an amended state general project plan."
During a recent City Planning Commission meeting, new plans to convert a 38-story office building into up to 1,250 housing units were revealed. Led by Apollo Global Management, RXR Realty, and SL Green Realty, this conversion includes mostly studio apartments, with a commitment of 25% designated as affordable housing. This initiative is partly incentivized by substantial tax breaks for office-to-residential transitions. The project, which faces local zoning overrides, may be influenced by Roku's lease, potentially expediting the timeline despite city ownership of the site.
#real-estate-development #office-to-residential-conversion #affordable-housing #city-planning #tax-incentives
Read at therealdeal.com
Unable to calculate read time
Collection
[
|
...
]