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.
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.
#real-estate-development #office-to-residential-conversion #affordable-housing #city-planning #tax-incentives
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