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ARTICLE · 31 JANUARY 2024

Newly Launched NYC Office Conversion Accelerator Program

In August 2023, New York City Mayor Eric Adams and the New York City Department of City Planning announced three major initiatives to spur the development of housing stock across the city.

United StatesReal Estate and Construction

In August 2023, New York City Mayor Eric Adams and the New York City Department of City Planning announced three major initiatives to spur the development of housing stock across the city. First, they announced their City of Yes plan with the goal of removing regulatory roadblocks in the way of housing development, as discussed in further detail here. Second, they announced the Midtown South Neighborhood Plan to update the zoning code to allow for residential uses in the area between 23rd Street and 40th Street and Fifth Avenue to Eighth Avenue in Manhattan. Finally, they announced the Office Conversion Accelerator program, designed to expedite the conversion of existing office buildings to residential use.

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