How To Turn Office-To-Residential Conversion From Great Idea To Reality
Bisnow Reports
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The Cost of Conversions
In 1994 vacancy in lower Manhattan was as high as 25% far higher than the rest of the city. The city made a plan to fix it changes to zoning meant buildings built before 1977 could be converted overriding that 1961 rule. A new tax incentive called 421 G was rolled out and used to convert nearly 13 million square feet of office space downtown.
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