A major office-to-residential conversion is underway at a Midtown East skyscraper, transforming a 34-story tower into a mixed-use development featuring 639 rental units, retail space, and shared amenities. The $805 million project, designed by Gensler and developed by SL Green Realty, will cover over 760,000 square feet and include a quarter of its units designated for affordable housing under New York’s 421-a tax incentive. The building, located between Third Avenue and East 46th and 47th Streets, will also benefit from significant real estate tax savings as part of the state’s abatement program. Construction marks a shift in Manhattan’s real estate landscape as office spaces adapt to rising demand for residential and commercial hybrid developments.
Work is progressing on the office-to-residential conversion of 750 Third Avenue, a 34-story tower in Midtown East, Manhattan. Designed by Gensler and developed by SL Green Realty, the $805 million project will span 761,384 square and yield 639 rental units. The building will also contain ground-floor retail and a collection of amenities. The property is bounded by Third Avenue and East 46th and East 47th Streets. One quarter of the units will be reserved for affordable housing under the state’s 467-m tax incentive, which the developer’s materials list as a 90-percent real estate tax abatement for the as-of-right project. submitted by /u/Lisalovesreading [link] [comments]
