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Skyline Properties Helps Lead NYC’s Office-to-Residential Boom Amid 45% Drop in Office Property Values

BY ROBERT KHODADADIAN, SKYLINE PROPERTIES - MAY 28, 2025 2:13 PM

If you're considering converting your office property to residential use, the window to take advantage of one of New York City’s most valuable real estate incentives is closing fast. The 35-year real estate tax abatement under Program 467-m offers a major financial opportunity—but only if your project is approved by June 2026. To put it plainly: a delay could cost you millions.

This long-term tax abatement was designed to encourage the conversion of underutilized commercial buildings into much-needed housing. For owners and investors, it can mean a significant boost in property value and long-term returns. But the opportunity

Longtime owner Algin Management sold three multifamily properties for about $107,000 per unit, a source said. The buyer is Benedict Realty Group, a real estate investment and property management firm based in Great Neck.

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Skyline Properties’ Robert Khodadadian, Daniel Shirazi and Daniel Davidov represented both sides in the transaction.

The portfolio includes Richelieu Gardens, a th

The rise of remote and hybrid work policies, accelerated by the COVID-19 pandemic, has led to a significant increase in office vacancies across the country. This, combined with the ongoing national housing crisis, has prompted many landlords to consider converting office buildings into residential units. As an active commercial real estate broker in Manhattan, I’ve witnessed firsthand how this trend is transforming urban landscapes. But not every building is a good candidate for such conversions. So, what makes a building ideal for this type of transformation?

[Architecturally, pre-war office