Posted Aug 17, 2023, 4:14 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,918
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https://commercialobserver.com/2023/...l-conversions/
Adams, Frustrated With State Legislators, Advances Office-to-Residential Conversions
BY MARK HALLUM
AUGUST 17, 2023
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….. Action from the state will still be needed for the Adams plan to reach its full potential, however, with a lift on the 12 floor area ratio (FAR) cap and a tax incentive for housing developers like 421a.
Adams will focus on Manhattan by introducing the Midtown South Mixed-Use Neighborhood Plan, which will update the zoning between 23rd Street and 40th Street from Fifth Avenue to Eighth Avenue. It will ditch the century-old policy that only allows manufacturing uses, as well as a 2018 rezoning to allow for more office.
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The plan means that 136 million square feet of office could potentially be converted into housing, according to the Adams administration.
“Now it’s time for our partners in state government to follow suit by matching the year eligibility to 1990, eliminating the 12 FAR cap, creating a tax incentive program and authorizing additional housing initiatives to keep this momentum going,” Carlo Scissura, CEO of the New York Building Congress, said in a statement.
Public engagement with the proposal will begin this fall and wrap up in early 2024.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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