The Manhattan Commercial Revitalization (M-CORE) program provides owners of commercial office buildings with a range of tax benefits to support transformative renovations of office buildings located in Manhattan south of 59th Street. The program is intended to help building owners decrease vacancy and attract world-class tenants, who are increasingly seeking high-quality, amenity-rich office space, as well as incubator and accelerator operators to generate the high-growth companies of the future.
The program offers:
- Real property tax abatement and stabilization
- Partial mortgage recording tax exemption
- Sales tax exemption
The program is competitive, and the NYCIDA will consider applications representing up to 10 million square feet of combined eligible office space. The second submission round is open now through April 15, 2024. The pre-application is available online. Email [email protected] for more information.
- Location: Manhattan, South of 59th Street (excluding the Hudson Yards Financing Area and Penn Station Area GPP)
- Building Age: Built prior to 2000
- Building Size: Minimum 100,000 gross square feet
- Minimum Capital Investment: 75 percent of the project location’s current assessed value for land and building as determined by the New York City Department of Finance for the most recent available year
Applications to the Manhattan Commercial Revitalization (M-CORE) program will be evaluated by NYCIDA staff on several key aspects, including:
- Scope and budget of transformative improvements
- Tenant attraction plan
- Project readiness
- Compliance with applicable local laws and regulations, including Local Law 97 emission-reduction targets
More on the Benefits
Land and building taxes for existing improvements may be stabilized and building taxes for project improvements may be abated for a period of up to 20 years (with a phase out of 20 percent per year over the final four years of such period).
The 8.875 percent sales tax on materials used to renovate or equip facilities may be waived.
Mortgage Recording Tax
Mortgage recording tax relating to the project's financing may be reduced from 2.8 percent percent to 0.3 percent.
“Making New York Work for Everyone”
The program was a key recommendation from Mayor Adams and Governor Hochul’s “Making New York Work for Everyone” action plan to ensure New York City’s business districts are great places to live, work, and play.
Action Plan Goals:
- Reimagine New York’s Business districts as vibrant 24/7 destinations
- Make it easier for New Yorkers to get to work
- Generate inclusive, future-focused growth
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