All articles tagged with #office to residential conversion
A former JPMorgan office building in Manhattan has been transformed into 1,320 apartments with extensive amenities, including recording studios, pools, and gyms, as part of NYC's leading office-to-residential conversion efforts supported by government incentives, addressing housing shortages and adapting to remote work trends.
The city of Boston will launch a pilot program offering a property tax discount of up to 75 percent for developers who convert underutilized downtown office buildings into residential units. The program aims to address the challenges and costs associated with office-to-residential conversions, which have become more prevalent due to the struggling commercial office sector and soaring housing costs. Converted buildings must meet affordable housing requirements, energy efficiency standards, and developers are encouraged to keep ground floors open for retail or public use. The program will accept applications until June 2022, with construction required to start by October 2025.
The former home of National Enquirer, Daily News, and JPMorgan Chase bank in New York City will be converted into residential living, creating 1,300 new apartments inside. The project will be the largest office-to-residential conversion in America. The new owners plan to raise the height to 32 stories while still complying with density restrictions. The building is expected to open up for rent in 2025.