467-m Tax Savings
Calculator
Estimate your potential property tax savings from converting your office building to residential under NYC's 467-m program. Get instant results.
467-m Tax Abatement Deep Dive
A high-level framework for understanding the incentive, underwriting its impact, and screening eligibility. Final eligibility depends on program rules, filings, and project specifics.
How the Benefit Works (Conceptually)
467-m is designed to improve office-to-residential conversion economics by reducing property tax burden over a multi-decade period. For many projects, the abatement can materially improve stabilized cash flow and lender underwriting.
This calculator models a common structure: a full exemption period followed by a phase-down. Use the results as a directional estimate, then refine with assessed value projections and a project-specific tax analysis.
Typical Drivers
- • Assessed value and current tax class
- • Eligible geography / zoning constraints
- • Affordable housing strategy
- • Construction and filing timeline
What to Validate
- • Program requirements and deadlines
- • Building code / window line feasibility
- • Unit yield and affordability mix
- • Financing and subsidy stack
Quick Checklist
- •Eligible area (often below 96th St. Manhattan)
- •Office-to-residential conversion scope is viable
- •Affordable housing plan penciling and feasible
- •Timeline supports required filings and start
467-m Tax Abatement FAQ
The 467-m program is a New York City tax incentive that provides significant property tax benefits for converting eligible office buildings to residential use. The program offers a 35-year benefit period, with 100% tax exemption for the first 15 years, then phasing down 10% per year until year 25.
To qualify for 467-m, a building must be located in eligible areas (primarily south of 96th Street in Manhattan), be converting from commercial office use to residential, and meet specific construction timelines. The building must also create a minimum percentage of affordable housing units to qualify for the full benefit.
Savings depend on your building's assessed value, location, and size. Typical office-to-residential conversions can save $15-50 per square foot annually during the full exemption period. Over 35 years, total savings can reach hundreds of millions of dollars for larger buildings.
The 467-m program typically requires 20-25% of units to be affordable housing, depending on the specific project location and when the application was filed. The affordability requirements help ensure the program benefits the broader community while incentivizing conversions.
The 467-m tax abatement lasts for 35 years total. Years 1-15 provide 100% tax exemption on the residential portion. Years 16-25 phase down the exemption by 10% annually. Years 26-35 provide no exemption but are part of the program period. This calculator estimates your total savings across the full benefit period.
Yes, Robert Khodadadian and Skyline Properties are experts in office-to-residential conversions utilizing the 467-m program. Our team has facilitated major conversion deals including the $140M 6 East 43rd Street transaction. Contact us for a detailed analysis of your building's conversion potential and tax savings.