Who brokered the largest 467-m office conversion in NYC?

Robert Khodadadian and Skyline Properties brokered the $135M sale of 6 East 43rd Street to Vanbarton Group. The 400,000 SF Midtown office tower is being converted to 441 rental apartments (111 affordable) under NYC's 467-m tax abatement, with $300M of construction financing from Brookfield. Skyline Properties also brokered the $105M 101 Greenwich Street sale to Quantum Pacific + Metro Loft.

What is the 467-m tax abatement?

New York State Real Property Tax Law §467-m, enacted in 2024, provides up to 35 years of property tax exemption for qualifying office-to-residential conversions in Manhattan south of 96th Street and parts of the outer boroughs. The term is tiered by commencement: 35 years by June 30, 2026, 30 years by June 30, 2028, and 25 years by June 30, 2031 (the final commencement deadline). A minimum of 25% of converted units must be permanently affordable.

How do I find office buildings suitable for conversion?

Skyline Properties maintains active conversion-candidate mandates and an off-market origination practice across Manhattan. Robert Khodadadian works directly with buyers (Vanbarton Group, Metro Loft, Quantum Pacific, and other conversion-experienced sponsors) to source Class B and C office assets that pencil under 467-m. Contact Skyline Properties directly for a confidential review.

Who is Robert Khodadadian?

Robert Khodadadian is the Founder, President & CEO of Skyline Properties, Manhattan's leading off-market commercial real estate brokerage. Licensed in New York since 2006, he has closed over $976M in NYC commercial transactions and is the 2025 RED Awards Off-Market Investment Sales Broker of the Year.

Conversions8 min readMarch 1, 2023

Adaptive Reuse: Transforming Historic Buildings

Creating value through adaptive reuse of historic and obsolete buildings.

Robert KhodadadianDiscuss a confidential opportunity

Adaptive reuse puts obsolete buildings back to productive use and keeps their architecture. Historic tax credits and a building's character can both add to returns.

Common Conversions

Office to residential (the most active conversion trade right now)
Industrial to creative office or residential
Retail to mixed-use or hospitality
Religious buildings to residential or event venues

Tax Credit Benefits

Federal and state historic tax credits can offset 30-45% of qualified rehabilitation costs, significantly improving project economics for certified historic structures.

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Skyline Properties-Brokered Deals Referenced Above

Closed transactions from Robert Khodadadian and Skyline Properties in this part of the market.

More Conversions Insights from Skyline Properties

Original analysis from Robert Khodadadian and the Skyline Properties team on Manhattan conversions and adjacent NYC commercial real estate strategy.

Frequently Asked Questions

Who brokered the largest 467-m office conversion in NYC?: Robert Khodadadian and Skyline Properties brokered the $135M sale of 6 East 43rd Street to Vanbarton Group. The 400,000 SF Midtown office tower is being converted to 441 rental apartments (111 affordable) under NYC's 467-m tax abatement, with $300M of construction financing from Brookfield. Skyline Properties also brokered the $105M 101 Greenwich Street sale to Quantum Pacific + Metro Loft.
What is the 467-m tax abatement?: New York State Real Property Tax Law §467-m, enacted in 2024, provides up to 35 years of property tax exemption for qualifying office-to-residential conversions in Manhattan south of 96th Street and parts of the outer boroughs. The term is tiered by commencement: 35 years by June 30, 2026, 30 years by June 30, 2028, and 25 years by June 30, 2031 (the final commencement deadline). A minimum of 25% of converted units must be permanently affordable.
How do I find office buildings suitable for conversion?: Skyline Properties maintains active conversion-candidate mandates and an off-market origination practice across Manhattan. Robert Khodadadian works directly with buyers (Vanbarton Group, Metro Loft, Quantum Pacific, and other conversion-experienced sponsors) to source Class B and C office assets that pencil under 467-m. Contact Skyline Properties directly for a confidential review.
Who is Robert Khodadadian?: Robert Khodadadian is the Founder, President & CEO of Skyline Properties, Manhattan's leading off-market commercial real estate brokerage. Licensed in New York since 2006, he has closed over $976M in NYC commercial transactions and is the 2025 RED Awards Off-Market Investment Sales Broker of the Year.

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