Top 10 Office to Residential Conversions in Manhattan
- Industry News
- 4 days ago
- 3 min read
NEW YORK, NY – September 4, 2025 — Manhattan, the heart of New York City, has always been defined by its iconic skyline, bustling streets, and diverse neighborhoods. Over the years, the city has reinvented itself time and again to meet the needs of a growing population and an evolving real estate market. Today, one of the most transformative trends shaping Manhattan is office-to-residential conversions—the repurposing of office buildings into housing.
As the founder of Skyline Properties, I believe this trend is more than a passing phase. With housing demand surging and developable land scarce, conversions have become an essential strategy for creating much-needed apartments while breathing new life into underutilized office assets.
Office-to-residential conversions aren’t new they’ve been redefining Manhattan for years. These projects prove that conversion isn’t just practical it creates some of the most desirable residential spaces in the city. Some of the city’s most iconic buildings have already undergone this transformation:
The Woolworth Building – Once an office landmark, now 33 luxury residences.
The Plaza Hotel – A historic Midtown hotel transformed into condominiums.
One Wall Street – Converted into a mixed-use development with residences and retail.
The Park Avenue Armory – From military facility to cultural hub and luxury living.
70 Pine Street – Former AIG headquarters, now 600 apartments plus amenities.
The Apthorp – Once converted to offices, now restored as a premier residential property.
10 Madison Square West – Former International Toy Center, now high-end condos.
The Beekman Residences – A office building turned into a hotel and residences.
The Greenwich Lane – Built on the site of St. Vincent’s, now a luxury residential enclave.
One Vandam – A SoHo office building converted into stylish modern condominiums.
Skyline Properties recently brokered two key office-to-residential transactions that exemplify this trend and how underutilized office space can be repositioned into income-generating assets that align with today’s demand.
101 Greenwich Street – A 26-story Financial District office tower now being converted into residential use purchased by Idan Ofer Of Quantum Pacific From BentallGreenOak For $105M [Read Article >>]
6 East 43rd Street – A 400,000 sqft Midtown office property purchased by The Vanbarton Group From Emigrant Savings Bank For $140M. [Read Article >>]
According to Comptroller Brad Lander’s report, the average price per square foot for office-to-residential conversions has dropped from $500 pre-2020 to $276 today—a 45% decrease. Some assets have seen even deeper value resets. To me, these aren’t red flags they’re entry points. This reset is creating rare opportunities for investors and owners willing to reposition properties for long-term growth. (222 Broadway: -71%, 100 Wall Street: -57%, 101 Greenwich Street: -29%)
The city has also given us the tools to act. The 467-m tax incentive, introduced in 2024, provides up to 90% property tax abatements for conversions that include 25% affordable housing. The removal of the 12 FAR cap has further unlocked development at scale. But deadlines matter. To qualify for the full 35-year tax abatement, projects must be approved by June 2026. With ALTCO filings taking 6–9 months and planning requiring another 3–4 months, contracts should be signed 9–12 months before the deadline. Missing it could shorten the abatement period by up to five years, costing millions in lost value.
For owners, conversions may provide the best path to reposition or sell underperforming office assets. For investors, the combination of discounted valuations, legislative support, and strong rental demand makes for one of the most compelling opportunities I’ve seen in my career. This is a once-in-a-generation alignment of market conditions and policy support. Those who act now will shape the next chapter of Manhattan’s skyline.