NYC to Add 12,000+ Apartments from Office

Thousands of empty or under‑utilized offices are being converted into apartments, as part of an effort to address the city’s acute housing shortage. And the city estimates that more than 12,000 apartments will come from this.

As of 2025 there are 44 buildings completed, ongoing, or planned for conversion, representing about 15.2 million gross square feet and roughly 17,400 new apartments. Most of the new units will be studios and 1‑bedrooms, ideal for singles, young professionals, or small households.

Some conversions plan to include income‑restricted or subsidized units, depending on tax‑incentive compliance and project design.

This has been made possible by:

1. The city’s recent zoning reforms and tax‑incentive programs make conversion easier and more financially viable for developers.
2. Post‑pandemic office vacancy still lingering and rental vacancy at historic lows, turning empty offices into apartments helps address two problems at once.

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Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.