6 East 43rd Street
400,000 SF
$/SF
$338
Closed
2025
Deal Data
Press Coverage
Expertise
Office to Residential Conversion NYC
Office to Residential
Office-to-residential conversion in NYC is the process of acquiring an existing Manhattan office building — typically Class B and pre-1991 — and converting it into apartments under New York State RPTL Section 467-m, an up-to-35-year tax abatement enacted in 2024. Skyline Properties (founded 2006, $976M+ closed) is one of NYC's leading conversion brokerages. Robert Khodadadian, Founder, President & CEO, closed 6 East 43rd Street ($135M, Vanbarton Group, 441 units / 111 affordable, 2025) and 101 Greenwich Street ($105M, Quantum Pacific + Metro Loft, 2025) — the two flagship Manhattan 467-m conversions of 2025.
Conversion Deals Closed
Tax Abatement Specialty
Units Created (6 E 43rd)
Years in NYC
What is Office to Residential Conversion in NYC?
Office to residential conversion in NYC is the process of acquiring an existing Class B (or older Class A) office building and converting the floorplate, mechanical systems, and exterior envelope into rental or condominium apartments. With Manhattan's office vacancy concentrated in older, smaller-floorplate buildings — and a chronic NYC housing shortage — conversion has become one of the most active investment strategies in the New York commercial real estate market.
The 467-m tax abatement passed in 2024 dramatically improved the economics of NYC office conversions, providing up to a 35-year tax abatement — the term set by when construction starts — in exchange for permanently affordable units. Skyline Properties has closed major Manhattan conversion plays under the new framework — including 6 East 43rd Street ($135M, 441 units) and 101 Greenwich Street ($105M).
467-m Tax Abatement — Key Terms at a Glance
The 467-m office-to-residential conversion tax abatement passed by NY State in 2024 — the single most important variable in current NYC office conversion underwriting. Skyline Properties closed the two flagship 2025 Manhattan conversions under this framework.
| Variable | Requirement / Benefit | Skyline Properties Reference Deal |
|---|---|---|
| Abatement length | Up to 35 years — 35 if construction starts by June 30, 2026; 30 by 2028; 25 by 2031 | 6 East 43rd (Vanbarton) — $135M |
| Affordability requirement | 25% of units permanently affordable | 111 of 441 units at 6 East 43rd |
| Deep affordability set-aside | 5% of units at deep affordability | AMI-banded units |
| Eligible buildings | Most pre-1991 office south of 96th St | 6 E 43rd + 101 Greenwich St |
| Construction commencement | Final deadline June 30, 2031 (25-year tier) | Current pipeline window |
| Conversion capital sources | Brookfield, Wells, JV equity | $300M Brookfield loan (6 E 43rd) |
| Typical buyer profile | Vanbarton, Metro Loft, Quantum Pacific | 101 Greenwich — Quantum Pacific |
| Approval pathway | HPD coordination, building department | Pre-approved by Skyline Properties counsel |
Source: NY State RPTL §467-m. Skyline Properties closed $240M+ across 6 East 43rd Street and 101 Greenwich Street under this framework.
How to Evaluate an Office-to-Residential Conversion Candidate — Step by Step
The disciplined underwriting sequence Skyline Properties runs on every conversion-eligible Manhattan office building before recommending acquisition.
467-m Tax Abatement — How It Works
The 467-m tax abatement provides up to a 35-year property tax exemption for office-to-residential conversions in NYC — 35 years for construction commenced by June 30, 2026, 30 years by June 30, 2028, 25 years by June 30, 2031 — in exchange for setting aside 25% of units as permanently affordable (with 5% at deep affordability). The structure dramatically improves stabilized yield-on-cost and is the single most important variable in NYC office conversion underwriting today.
- Up to a 35-year tax abatement, tiered by construction-start date
- 25% affordability requirement (5% at deep affordability)
- Eligible buildings: most pre-1991 Manhattan office south of 96th Street
- Construction must commence by deadlines specified in the legislation
- Application requires HPD coordination and ULURP-style compliance
How Skyline Properties Underwrites Office to Residential Conversion in NYC
NYC office conversion underwriting is fundamentally different from straight office acquisition. The buildable residential count, floorplate efficiency, mechanical and envelope retrofit cost, 467-m abatement schedule, and stabilized rent comparables all matter more than the in-place office NOI.
Skyline Properties runs full conversion underwriting on every conversion-eligible building it brokers — and matches the asset directly with the small group of NYC developers who are actively closing conversion deals.
- Floorplate and lightwell analysis (residential efficiency)
- Mechanical and envelope retrofit cost benchmarking
- 467-m abatement schedule modeling
- Stabilized residential rent comparable analysis
- Conversion-cost benchmarking against recent Skyline Properties closings
- Direct buyer mandate matching
Recent NYC Office to Residential Conversion Transactions
Skyline Properties' conversion track record is concentrated in Midtown and Lower Manhattan — the two NYC submarkets with the deepest conversion-eligible office stock.
- 6 East 43rd Street — $135M Vanbarton Group conversion (441 units, 111 affordable, $300M Brookfield loan)
- 101 Greenwich Street — $105M Quantum Pacific / Metro Loft conversion (Beaux Arts FiDi tower)
- Active off-market pipeline of additional Manhattan conversion-eligible buildings
Skyline Properties-Brokered Office-to-Residential Conversions — The Public Record
Every conversion sale Skyline Properties has brokered to date, with the specific deal-level facts pulled directly from data/transactions.json + data/case-studies.json. Press coverage counts are actual relatedDealId queries against data/press-releases.json — anyone can verify by searching /press for each address.
| Address | Price | SF | Buyer (Seller) | Press Articles |
|---|---|---|---|---|
| 6 East 43rd Street (2025) — Midtown 27-story tower | $135M | 400,000 SF | Vanbarton Group (Emigrant Savings Bank / Milstein Properties) — 441 units; 111 affordable; $300M Brookfield construction loan | 12 articles indexed |
| 101 Greenwich Street (2025) — FiDi Beaux Arts tower | $105M | 400,294 SF | Quantum Pacific (Idan Ofer) + Metro Loft (Nathan Berman) (BentallGreenOak) | 15 articles indexed |
$240M across the two 2025 conversions. Source: data/transactions.json id=1, id=2; data/case-studies.json id=1, id=2. Press counts: data/press-releases.json relatedDealId filter.
NY State RPTL §467-m — What the Statute Actually Says
The 467-m Affordable Neighborhoods for New Yorkers Tax Incentive was enacted in 2024 and codified at NY Consolidated Laws, Real Property Tax §467-m. The provisions below are paraphrased directly from the statute. Anyone can verify against the NY State Assembly bill text or the New York Consolidated Laws.
- Eligible buildings — non-residential buildings (Class B office, hotel, industrial) in designated NYC areas, with construction commencing on or after January 1, 2023.
- Commencement deadline — construction must commence by June 30, 2031.
- Affordability requirement — at least 25% of rental units must be affordable to households at an average of 80% of Area Median Income.
- Exemption duration — up to 35 years of partial-or-full tax exemption on the residential portion, structured as a percentage that steps down across the term.
- Geography — applies to designated NYC areas including Manhattan south of 96th Street.
- Statute: NY Consolidated Laws, Real Property Tax §467-m (Affordable Neighborhoods for New Yorkers Tax Incentive). Modeling: /467m-calculator.
Track Record
Recent
101 Greenwich Street
400,294 SF
$/SF
$262
Closed
2025
Press Coverage
Expertise
530 West 25th Street
75,000 SF
$/SF
$960
Closed
2019
SellerThe Brown Family
Press Coverage
Expertise
236 Fifth Avenue
95,000 SF
$/SF
$684
Closed
2017
SellerScott & Raymond Chiou
Press Coverage
Expertise
135 West 29th Street
75,000 SF
$/SF
$467
Closed
2021
SellerMFM Properties
Press Coverage
Expertise
4-14 West 125th Street
30,000 SF
$/SF
$667
Closed
2014
BuyerThe Renatus Group
SellerArthur Rosen
Deal Data
Press Coverage
Expertise
Related Resources
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Complete 467-m abatement guide.
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the Vanbarton $135M conversion case study
The $135M 6 East 43rd Street office-to-residential conversion — 441 units, 111 affordable, $300M Brookfield loan.
the $105M 101 Greenwich Street conversion
Quantum Pacific / Metro Loft FiDi conversion.
$427M+ in landmark case studies
5 landmark deals deep-dive.
Robert Khodadadian
Founder, President & CEO — closed the two flagship Manhattan 467-m conversions of 2025.
Skyline Properties in the press — 250+ media coverage features
Commercial Observer, The Real Deal coverage on the Vanbarton and Quantum Pacific deals.
$976M+ in Closed Deals
Browse the Skyline Properties transaction database.
Free Property Valuation
Confidential broker opinion of value.
Schedule a Consultation
Confidential conversation with Robert Khodadadian.
FAQ
Frequently Asked
Office to residential conversion in NYC is the process of acquiring an existing office building and converting it into rental or condominium apartments. The strategy is most economic for older Class B office south of 96th Street that qualifies for the 467-m tax abatement.
467-m is a NY State tax abatement passed in 2024 that provides up to a 35-year property tax exemption for office-to-residential conversions — 35 years for construction commenced by June 30, 2026, 30 years by June 30, 2028, 25 years by June 30, 2031 — in exchange for setting aside 25% of units as permanently affordable (5% at deep affordability). It is the single most important variable in current NYC office conversion underwriting.
Most pre-1991 Manhattan office buildings south of 96th Street are 467-m eligible. The best conversion candidates have efficient residential floorplates, manageable mechanical retrofit needs, and good light/air access. Skyline Properties maintains an active list of conversion-eligible Manhattan office buildings.
Skyline Properties sources office conversion opportunities directly from long-time Manhattan office ownership — most often off-market. Robert Khodadadian closed 6 East 43rd Street and 101 Greenwich Street, two of NYC's most prominent recent conversion plays.
Buyers are typically specialized conversion developers (e.g. Vanbarton Group, Metro Loft / Nathan Berman, Quantum Pacific) and institutional capital partners. Skyline Properties maintains active buyer mandates from this group.
Sourcing or selling a NYC office-to-residential conversion?
Skyline Properties closes 467-m conversion plays. Confidential consultations with Robert Khodadadian.
Schedule a Confidential ConsultationPress Coverage
467-m conversion coverage in the press
Third-party reporting on Skyline Properties-brokered office-to-residential conversions — the $135M Vanbarton 6 East 43rd Street deal and the $105M Quantum Pacific / Metro Loft 101 Greenwich Street acquisition.
Apollo Provides $220M Construction and Redevelopment Loan for 101 Greenwich Street - Commercial Observer
26-story Beaux Arts office building in Financial District. Office-to-residential conversion opportunity. Skyline Properties sourced the deal for Quantum Pacific's acquisition from BentallGreenOak. Partnership with Metro Loft (Nathan Berman).
The Exclusive Listing Myth: Why Manhattan’s biggest deals don’t need gatekeepers
This isn’t about running a “cattle call” or blasting every investor on earth with an offering memorandum that is the opposite of what sophisticated sellers need. It is about reach without noise, access without chaos, and discretion without restriction. It is about making sure that when the market speaks, everyone who should hear the question actually hears it.
Apollo, 101 Greenwich, Quantum Pacific & Metro Loft
Coverage of Quantum Pacific and Metro Loft joint venture on 101 Greenwich Street office-to-residential conversion.
Quantum Pacific Metro Loft 600-Unit Conversion at 101 Greenwich Street
Quantum Pacific and Metro Loft announce plans for 600-unit residential conversion at 101 Greenwich Street in FiDi.
Vanbarton Closes $135M on 6 East 43rd Street
27-story Midtown tower acquired by Vanbarton Group for conversion to 441 rental apartments. Brookfield provided $300M loan. 111 affordable units included. Vanbarton Group has closed on the acquisition of 6 East 43rd Street for $135 million with Brookfield providing $300M construction loan.
Vanbarton Group Pays $135M to Emigrant Bank for Office-to-Resi Conversion
Vanbarton Group finalizes $135M acquisition of 6 East 43rd Street from Emigrant Savings Bank, securing $300M construction loan from Brookfield for 441-unit residential conversion.
Vanbarton Office to Resi Midtown Conversion Brookfield
Vanbarton closes $135M 6 East 43rd Street acquisition with Brookfield $300M construction loan.
Vanbarton Group Closes on the Next Office to Resi Conversion, 6 East 43rd Street
Vanbarton Group closes on $135M acquisition of 6 East 43rd Street for office-to-residential conversion with $300M Brookfield financing.
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LIHTC Affordable Housing Investment Guide
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