NY State RPTL §467-m (enacted 2024) provides up to a 35-year property tax exemption for Manhattan office-to-residential conversions south of 96th Street (a 90% exemption for all but the final five years of the term, then a five-year phase-out) and requires 25%+ permanently affordable units. The term is tiered by commencement date: 35 years for construction commenced by June 30, 2026, 30 years by June 30, 2028, and 25 years by June 30, 2031, the final commencement deadline. Skyline Properties (Robert Khodadadian) brokered two of Manhattan's defining 467-m conversions: $135M Vanbarton 6 East 43rd and $105M Quantum Pacific + Metro Loft 101 Greenwich Street.
The abatement drives feasibility, and it comes with deadlines. Once a program has a commencement date, every month of entitlement and construction schedule has a price, and that price belongs in the underwriting.
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