Size
400,000 SF
Price/SF
$338
Deal Data
Expertise
Office to Residential Conversion NYC
Office to Residential
Skyline Properties is one of NYC's leading office-to-residential conversion brokerages. Robert Khodadadian and the Skyline team source, value, and close conversion-eligible Class B office buildings under New York's 467-m tax abatement. Recent closings include 6 East 43rd Street ($135M) and 101 Greenwich Street ($105M+).
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 a 35-year tax abatement 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 — How It Works
The 467-m tax abatement provides a 35-year property tax exemption for office-to-residential conversions in NYC, 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.
- 35-year tax abatement on conversion-eligible buildings
- 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 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 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 closings
- Direct buyer mandate matching
Recent NYC Office to Residential Conversion Transactions
Skyline's 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
Track Record
Recent
Size
400,294 SF
Price/SF
$262
Expertise
Size
75,000 SF
Price/SF
$960
Expertise
Size
95,000 SF
Price/SF
$684
SellerLCT Associates
Expertise
Size
75,000 SF
Price/SF
$467
SellerMFM Properties
Expertise
Size
35,000 SF
Price/SF
$571
BuyerThe Renatus Group
SellerRosen Family
Deal Data
Expertise
Related Resources
Continue
Office Conversion Specialist
Skyline's full office conversion practice.
Office Conversion Calculator
Model 467-m conversion economics.
467-m Tax Abatement Guide
Complete 467-m abatement guide.
Midtown Office Buildings
Midtown conversion-eligible office.
Financial District Office
FiDi conversion plays.
6 East 43rd Street ($135M)
Vanbarton Group conversion.
101 Greenwich Street ($105M+)
Quantum Pacific / Metro Loft conversion.
$976M+ in Closed Deals
Browse the Skyline transaction database.
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 NYC tax abatement passed in 2024 that provides a 35-year property tax exemption for office-to-residential conversions, 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 maintains an active list of conversion-eligible Manhattan office buildings.
Skyline 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 maintains active buyer mandates from this group.
Sourcing or selling a NYC office-to-residential conversion?
Skyline closes 467-m conversion plays. Confidential consultations with Robert Khodadadian.
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