NYC Office Conversion Specialist
Expert guidance on transforming underperforming office buildings into high-value residential properties. Specializing in 467-m tax abatement deals.
The Conversion Opportunity
Manhattan's office market transformation presents unprecedented opportunities for investors and developers. With remote work reshaping demand, Class B and C office buildings in prime locations are ideal candidates for residential conversion.
New York City's 467-m tax abatement program provides significant incentives for qualifying conversions, offering property tax benefits for up to 35 years. Combined with strong residential demand, these projects can generate substantial returns.
Robert Khodadadian has been featured in NYREJ discussing "The Ideal Candidate for Office to Residential Conversion" - identifying key factors that determine conversion viability and success.
Why Convert Now?
467-m Tax Savings Calculator
Estimate your 35-year property tax savings →
Conversion Benefits
467-m Tax Abatement
Up to 35 years of property tax benefits for qualifying conversions
Strong Fundamentals
High demand for residential units in prime Manhattan locations
Value Creation
Significant upside potential through repositioning
Reduced Risk
Convert underperforming office assets into income-producing residential
Expert Guidance
Navigate complex zoning, regulatory, and financing requirements
Market Timing
Capitalize on current office market conditions
Conversion Analysis Tools
Run quick screens for feasibility, incentives, and simple ROI before deeper underwriting.
Conversion ROI Calculator
Fast, directional underwriting. Customize assumptions to model total cost, value, and simple ROI.
Total Cost
$284.0M
Stabilized Value
$360.0M
Profit / (Loss)
Simple ROI
26.8%
Zoning / Window Line Check
Quick screen for floor plate depth. Deep plates often require courtyards/lightwells to meet residential planning constraints.
Challenging without a lightwell strategy
A ~120ft depth often exceeds the common window-line guideline. Consider courtyard/lightwell approaches or confirm unit planning feasibility with an architect/code consultant.
467-m Eligibility Quick Check
High-level screen only. Program rules, filing timing, and project specifics ultimately control.
Featured Conversion Case Studies
Over $317M in office conversion transactions brokered by Robert Khodadadian and the Skyline Properties team.
6 East 43rd Street - $140M Midtown Conversion
Robert Khodadadian sourced this landmark 27-story Midtown tower for Vanbarton Group, negotiating an off-market acquisition from Emigrant Savings Bank. The building qualifies for 467-m tax abatement and will be converted to 500+ residential units. This represents the largest off-market office conversion deal in Midtown 2025.
$140M
338,000 SF
Largest off-market office conversion in Midtown 2025
101 Greenwich Street - $105M FiDi Conversion
Skyline Properties brokered this major Financial District office building acquisition for Quantum Pacific from BentallGreenOak. The 31-story tower is being repositioned for residential conversion under the 467-m program, taking advantage of FiDi's transformation into a live-work-play neighborhood.
$105M
500,000 SF
Strategic FiDi residential play with 467-m benefits
530 West 25th Street - $72M Chelsea Creative
This Chelsea gallery district property was acquired by Feil Organization for creative office repositioning with potential residential components. Located in the heart of the West Chelsea arts district near the High Line, the building benefits from strong residential and commercial demand.
$72M
156,000 SF
Prime West Chelsea location with conversion potential
Manhattan Neighborhoods
Office conversion activity by neighborhood. Robert Khodadadian has deep relationships across all Manhattan submarkets.
Understanding 467-m
The 467-m tax abatement is one of New York City's most powerful incentives for office-to-residential conversions. Qualifying projects can receive property tax exemptions for up to 35 years, dramatically improving project economics.
Key Requirements:
- Building must be located in eligible areas (primarily Lower Manhattan and Midtown)
- Construction must commence before the deadline
- Affordable housing component may be required
- Minimum residential unit requirements apply
Robert Khodadadian has written extensively about the 467-m program in NYREJ, helping property owners understand how to maximize this opportunity before the program deadline.
Office Conversion FAQ
Expert answers from Robert Khodadadian and the Skyline Properties team.
An office-to-residential conversion is the process of transforming an underperforming or obsolete office building into residential apartments or condominiums. In Manhattan, this often involves Class B and C office buildings in prime locations where residential demand outpaces office demand. Robert Khodadadian at Skyline Properties specializes in identifying and brokering these conversion opportunities.
The 467-m tax abatement is a New York City program that provides property tax exemptions for up to 35 years for qualifying office-to-residential conversions. Buildings must be located in eligible areas (primarily Lower Manhattan and Midtown), begin construction before the deadline, and may require an affordable housing component. This incentive dramatically improves project economics for developers.
Ideal conversion candidates typically have: floor plates under 15,000 square feet for efficient apartment layouts, good window line for natural light, pre-war or 1950s-1970s construction with solid bones, location in high-demand residential neighborhoods, and current underperformance as office space. Robert Khodadadian has written extensively about this in NYREJ.
A typical office-to-residential conversion in Manhattan takes 18-36 months from acquisition to completion. This includes due diligence (2-3 months), design and permitting (6-12 months), construction (12-24 months), and lease-up or sales (3-6 months). Timeline varies based on building size, complexity, and regulatory requirements.
Conversion costs typically range from $200-$400 per square foot depending on the scope of work. Major cost components include: structural modifications, new mechanical systems (HVAC, plumbing), electrical upgrades, interior buildout, and façade work. The 467-m tax abatement can offset significant portions of these costs over time.
Skyline Properties has closed over $317M in office conversion transactions including the landmark $140M 6 East 43rd Street deal and $105M 101 Greenwich Street. Robert Khodadadian's off-market network provides access to deals unavailable through traditional channels, while his expertise in 467-m requirements helps buyers maximize tax benefits.
Have more questions? Read our expert analysis on The Ideal Candidate for Office to Residential Conversion in NYREJ.
Exploring a Conversion?
Whether you own an office building considering conversion or are seeking conversion opportunities, Robert Khodadadian can help you navigate the process.