The New York City Economic Development Corporation (NYCEDC) and the New York City Industrial Development Agency (NYCIDA) have recently revealed the initial recipients of the Manhattan Commercial Revitalization Program (M-CORE). WSA Waterfront LLC at 175 Water Street and HPS Investment Partners at 850 Third Avenue were selected as the first awardees.
M-CORE aims to revitalize aging commercial office buildings in order to enhance New York City’s business districts. This program provides incentives for property owners to make investments that improve Manhattan’s office inventory, create attractive workspaces, and upgrade facilities for compliance with Local Law 97.
Deputy Mayor for Housing, Economic Development, and Workforce Maria Torres-Springer expressed excitement over approving these two M-CORE deals and looks forward to a future where downtown areas are anchored by revitalized, adaptable, and dynamic office spaces that cater to various needs such as dining options or recreational activities.
