The New York City Economic Development Corporation and the New York City Industrial Development Agency have launched the Manhattan Commercial Revitalization Program (M-CORE) to provide financial assistance through tax incentives for renovating commercial office buildings in Manhattan.
This program is designed to reduce vacancy rates, attract world-class tenants, and stimulate growth of incubator and accelerator companies. The initiative was created in response to a slowdown in investment due to rising interest rates, with the goal of transforming outdated office spaces into high-quality, amenity rich areas.
M-CORE will incentivize building owners who make investments necessary for improving their offices spaces; estimated net benefit from this program is projected between $750 million – $844 million for NYC. This effort seeks to revitalize struggling commercial office buildings throughout Manhattan while creating economic opportunity within its business districts.
