Holliday estimated that 25M SF to 40M SF of space will be converted under the proposed program and that the reduction in office supply will lead to higher absorption in the remaining office buildings around the city.
“Imagine dozens of buildings converting, being taken offline, tenants being relocated out,” he said.
The bill would incentivize conversions in Midtown, including at 750 Third Ave., where the firm plans to turn an 81% vacant office tower into 543 units of housing...
https://www.bisnow.com/new-york/news...l-nears-123853