Declaring that more than half of the 450M SF office inventory in Manhattan is under water economically—the city is calling these buildings "underperforming," CRE analysts prefer the term "obsolete"—NYC's two economic development agencies have launched new tax incentives to spur renovations.
The New York City Economic Development Corp. (NYEDC) and the New York City Industrial Development Agency (NYIDA) have jointly announced the Manhattan Commercial Revitalization Program.
The program is offering property tax abatements of up to 20 years and a tax exemption on construction materials to building owners who renovate aging office buildings south of 59 Street in Manhattan.
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