Crain’s New York Business Quotes Partner Alice Jump on Commercial to Residential Building Conversions to come in New York
On January 13, Crain’s New York Business published the article “Cuomo’s commercial-to-residential conversion proposal faces major obstacles” which featured Partner Alice Jump. Governor Cuomo announced that he will propose legislation for developers and property owners to convert office buildings and hotels into apartments within a five-year period. More specifically, the city will focus on low-income and affordable housing. A similar project was introduced for the Financial District after 9/11. Alice states, “There are some blueprints the city can follow, thanks to that period.” With a larger focus on affordable and supportive housing, economic viability will play a key role in these transformations. Alice continues, “Without tax breaks or subsidies from the state, which doesn’t have much to give right now, developers are on the fence about whether this type of conversion would make financial sense.”
The article continues to discuss other obstacles Cuomo may face with the proposed legislation, such as zoning laws, building codes and public incentive.
To learn more, read the full article on Crain’s New York Business here.