Property Tax Abatement, Stabilization & Exemption for Office Buildings

SoHo Broadway Partner: M-CORE provides tax benefits to support transformative renovations

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

Eligibility Requirements

• 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: At least 250,000 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

Selection Criteria

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

The program is competitive, and the NYCIDA will consider applications representing up to 10 million square feet of combined eligible office space.

The pre-application will be available on June 8, 2023. Email MCORE@edc.nyc for more information.

Read more about the program benefits here: https://edc.nyc/program/manhattan-commercial-revitalization-m-core