"New York City officials have approved a sweeping rezoning of 42 blocks in Midtown Manhattan, replacing outdated manufacturing zoning with residential to foster a vibrant, 24/7 mixed-use district. The Midtown South Mixed-Use (MSMX) Plan spans four distinct quadrants-roughly between West 23 rd and West 40 th Streets and Fifth and Eighth Avenues-and is expected to create nearly 10,000 new homes, of which close to 3,000 will be permanently affordable."
"Office-to-residential conversions will be facilitated by the 467-m tax abatement, which was introduced in New York State's 2025 Budget. To qualify for the tax exemption, at least 25% of the units must be rented at a weighted average of 80% of Area Median Income (AMI) through the Mandatory Inclusionary Housing (MIH) program. In Manhattan (below 96th Street) the tax savings will be 90% of the tax bill, whereas outside of this area the tax savings will be 65% of the tax bill."
A 42-block rezoning in Midtown Manhattan replaces manufacturing zoning with residential to create a 24/7 mixed-use district across four quadrants between West 23rd and West 40th Streets and Fifth and Eighth Avenues. The Midtown South Mixed-Use Plan is expected to produce nearly 10,000 new homes, with close to 3,000 permanently affordable units. The initiative forms part of multiple rezoning efforts and the City of Yes for Housing Opportunity to address a 1.4% vacancy rate and an estimated need for about 500,000 new housing units by 2032. The rezoning will facilitate office-to-residential conversions and ground-up development, supported by the 467-m tax abatement and Mandatory Inclusionary Housing affordability requirements tied to tax benefits.
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