Robert Khodadadian — Skyline Properties — Manhattan Commercial Real Estate — NYC 467-m Tax Savings
Estimate your potential property tax savings from converting your office building to residential under NYC's 467-m program. Get instant results.
467-m Tax Abatement
The 467-m program is the city's primary tax incentive for office-to-residential conversions. Here's what you need to know.
How the Benefit Works (Conceptually)
467-m is designed to improve office-to-residential conversion economics by reducing property tax burden over a multi-decade period. For many projects, the abatement can materially improve stabilized cash flow and lender underwriting.
This calculator models a common structure: a full exemption period followed by a phase-down. Use the results as a directional estimate, then refine with assessed value projections and a project-specific tax analysis.
- • Assessed value and current tax class
- • Eligible geography / zoning constraints
- • Affordable housing strategy
- • Construction and filing timeline
- • Program requirements and deadlines
- • Building code / window line feasibility
- • Unit yield and affordability mix
- • Financing and subsidy stack
Quick Checklist
- Eligible area (often below 96th St. Manhattan)
- Office-to-residential conversion scope is viable
- Affordable housing plan penciling and feasible
- Timeline supports required filings and start
467-m Tax Abatement
The 467-m program is a New York City tax incentive that provides significant property tax benefits for converting eligible office buildings to residential use. The program offers a 35-year benefit period, with 100% tax exemption for the first 15 years, then phasing down 10% per year until year 25.
To qualify for 467-m, a building must be located in eligible areas (primarily south of 96th Street in Manhattan), be converting from commercial office use to residential, and meet specific construction timelines.
Savings depend on your building's assessed value, location, and size. Typical office-to-residential conversions can save $15-50 per square foot annually during the full exemption period.
The 467-m program typically requires 20-25% of units to be affordable housing, depending on the specific project location and when the application was filed.
The 467-m tax abatement lasts for 35 years total. Years 1-15 provide 100% tax exemption on the residential portion. Years 16-25 phase down the exemption by 10% annually.
Yes, Robert Khodadadian and Skyline Properties are experts in office-to-residential conversions utilizing the 467-m program. Our team has facilitated major conversion deals including the $140M 6 East 43rd Street transaction.