A Turning Point for Housing and Innovation
The recent report from NYC Comptroller Brad Lander reveals a transformation in the making: more than 17,000 new apartments could come from 44 office-to-residential conversion projects across New York City. This movement signals more than just a change in use — it marks a change in vision.
As a long-time advocate for creative, community-centered development, Duke Properties is excited by the momentum behind this shift. These conversions present a timely solution to New York’s chronic housing shortage, while breathing new life into underutilized commercial spaces.
The Power of Adaptive Reuse in a Post-Pandemic City
The COVID-19 pandemic changed how we live and work, and cities like New York must adapt accordingly. Turning outdated office towers into residential communities is not just practical—it’s visionary. Projects like the redevelopment of 25 Water Street, 5 Times Square, and Midtown East’s Pfizer campus are setting a new standard for mixed-use revitalization.
Albert Dweck, CEO of Duke Properties, reflects:
“We’re seeing a once-in-a-generation opportunity to transform outdated infrastructure into housing that meets today’s needs. It’s about honoring the city’s past while building a more inclusive future.”
Why Duke Properties Supports Smart, Scalable Housing Solutions
With over 15 million square feet of office space poised for conversion, the scale is significant—but so is the potential impact. These apartments won’t just ease pressure in the rental market. They’ll create jobs, strengthen neighborhoods, and redefine how we use urban space.
At Duke Properties, we’ve long believed in unlocking value in overlooked assets. Adaptive reuse and mixed-income development are not new concepts to us—they’re core to our approach. This wave of conversion aligns perfectly with our mission to deliver quality housing in dynamic, evolving neighborhoods.
Balancing Affordability with Ambition: A Path Forward
Of course, every policy has trade-offs. While the 467-m tax exemption has raised concerns about long-term fiscal impact, its short-term benefits are clear: a dramatic increase in housing supply, much of it designated affordable.
Rather than pause momentum, Duke Properties encourages the city to fine-tune the program, ensuring tax incentives are targeted effectively while continuing to attract developers and investors to participate in solving the housing crisis.
NYC Housing: Closing Thought:
New York City is constantly reinventing itself. The current wave of office-to-residential conversions isn’t just a trend — it’s a transformation, and Duke Properties is proud to help lead the way.
“This is our moment to reshape New York for the next generation — and we’re ready.”
— Albert Dweck, Founder & CEO, Duke Properties