In 2024, Manhattan experienced a record increase in office-to-apartment conversions, with 3.3 million square feet of office space repurposed for residential use—more than double the 1.6 million square feet converted in 2023.
Driving Factors
The surge is attributed to:
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Declining demand for office space post-pandemic.
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New zoning incentives facilitating residential conversion, such as the Midtown South Mixed-Use Plan (MSMX), which rezones 42 square blocks and could deliver 9,500 new housing units.
Key Projects
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Prominent office buildings along Third Avenue in the East 40s and 50s.
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135 E. 57th Street, a former late-1980s office tower, now converting to residential units.
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Times Square building transforming into 1,250 apartments.
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Former Pfizer headquarters, the largest U.S. office-to-residential project, will yield 1,602 homes.
This trend highlights Manhattan’s shift toward adaptive reuse of underutilized office stock, addressing housing shortages while revitalizing former business districts.
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