City developing incentives for demolition of obsolete office towers

4 days ago · The Adams administration is working with the Real Estate Board of New York on a plan to bring down the cost of demolishing obsolete office towers.

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City Commission Approves $98 Million In TIF Funds For Massive …

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3 days ago · That would unlock $98 million in tax increment financing funds for redevelopment of the landmark Field Building, a 44-story tower at 135 S. LaSalle St. in the Central Loop. The …

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Extell Buys Madison Avenue Tower For $160 Million

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Oct 16, 2024 · Buck Ennis. 655 Madison Ave. Extell Development has purchased a Midtown office tower slated for demolition for about $160 million, property records show. The Gary …

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Citadel-leased 425 Park Ave. Lands $911M In Financing | Crain's …

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Apr 11, 2024 · Many office owners have struggled to get new financing in recent years as borrowing costs soared. ... highly amenitized and well-located office towers owned and …

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Union Buys Flatiron District Office Space For About $70M

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Sep 24, 2024 · The Midtown-headquartered Employee Benefit Funds, which provides health, pension and other services to members of the Hotel and Gaming Trades Council, acquired …

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FAQs about City developing incentives for demolition of obsolete office towers Coupon?

Why are demolition incentives so expensive?

Because of steep declines in value, the cost of demolishing portions of older buildings can be more than the building and land are worth. Center City Partners analyzed demolition incentives in 12 cities in the U.S. and Canada and determined that those programs lack the funding and specificity needed in a central business district. ...

Will New York City reduce the cost of tearing down towers?

Speaking at a Crain’s Power Breakfast on Tuesday, Andrew Kimball, CEO of the New York City Economic Development Corporation (NYC EDC), said that the city is in “active conversations” with the Real Estate Board of New York (REBNY) about lowering the cost of tearing down the obsolete towers. ...

Which office buildings are most prone to residential conversion?

Class B and lesser Class A are suffering the most because they are neither good nor cheap. Buildings that are considered the “worst” office buildings—typically Class B—often are the best candidates for conversion to residential uses. The smaller floor plates and high floor-to-floor ceilings lend themselves to residential conversion. ...

Could office-to-residential conversions be the answer to Manhattan's vacant office space?

About 25 percent of Manhattan’s 600 million square feet of office space is vacant and the city has thus far largely emphasized office-to-residential conversions as a potential answer to the question of what to do with this space and the buildings which contain it. ...

How much will Detroit's office-to-housing conversion cost?

A representative for the real estate firm Thursday shared that anticipated completion date — plus how rents for their one-bedroom market-rate units could start around $1,900 — while pitching a Detroit City Council committee on a $4.2-million tax break for the $40.6 million office-to-housing conversion project. ...

Should aging office buildings be taxed in Uptown?

The importance of property tax revenue in uptown to local government and the entire region provide ample motivation for further discussion and consideration of possible incentives for aging office buildings, LaBar said. Uptown encompasses 27 million square feet of office space. 2024 Heavy Hitters CRE Awards ...