Lower Manhattan is getting yet another batch of apartments, this time inside a 12-story office building at 75 Maiden Lane that is set to be carved up into roughly 300 rental units after a $45.2 million buy.
CSC Real Estate recently snapped up the building along with an adjacent surface lot and now plans to convert the office space into housing, extending the steady wave of office-to-residential projects that has been turning the Financial District into a true mixed-use neighborhood instead of a ghost town after 6 p.m.
CSC managing partner Salo Smeke confirmed the conversion plan and pitched it as a value-focused rental play rather than a high-end amenity showpiece, according to CoStar News. Smeke contrasted expected pricing at 75 Maiden Lane with nearby properties and said the project will tap New York State’s 467-m tax-exemption program to help make the numbers work.
What CSC Bought
CSC’s October deal combined the 75 Maiden Lane office building with a small surface parking parcel at 13 Gold Street in a package reportedly trading in the mid-$40 million range. The assemblage sits on a central Financial District block, and the main structure contains roughly 172,040 square feet of space, a scale that helped mark it as a solid conversion candidate, according to The Real Deal and listing data.
How the 467-m Tax Break Helps
New York State’s Section 467-m program offers a long-term property tax exemption intended to nudge owners toward turning commercial buildings into housing, provided projects check specific boxes on affordability, income bands and compliance. The statute and related guidance lay out monitoring rules and other conditions that can significantly improve a conversion’s projected returns, according to the state code and legal summaries.
Where This Fits Downtown
The timing at 75 Maiden Lane lines up neatly with what is already happening downtown. The Alliance for Downtown New York’s 2025 market review estimated that Lower Manhattan’s residential population has passed 70,000 residents and tallied roughly 14 office-to-residential conversions announced over the past two years. The report links those conversions to declining office vacancy and a sharp rise in retail and hotel activity as the area shifts away from a strictly 9-to-5 office district, according to the Downtown Alliance’s analysis.
CSC’s Midtown Play
CSC is not limiting that strategy to Lower Manhattan. Industry coverage notes the firm is also redeveloping 300 E. 42nd St. in Midtown after a spring acquisition, with plans to convert part of that building into roughly 135 apartments while keeping existing office tenants on other floors. Reporting on that deal cited a purchase price in the low tens of millions and indicated CSC expects to use 467-m benefits there as well, according to Realtor.com.
Approval, Timing and Tradeoffs
Real estate analysts point out that conversions like these are rarely simple. Success often depends on the building’s layout, existing lease obligations and a sometimes fragile capital stack, which can stretch timelines and require careful work with tenants, engineers and code officials. The Urban Land Institute and other observers note that only a fraction of office properties are truly suited to this kind of makeover, and that incentives such as 467-m frequently play a key role in pushing borderline deals into viable territory, according to trade analysis.
For renters eyeing Lower Manhattan, CSC’s stated focus on relatively lower rents and a more straightforward amenity package could add some modestly priced options to a neighborhood that has already absorbed thousands of new residents in recent years. CSC has not put out a formal construction schedule, and the company and city agencies have not provided further public detail beyond what was described in the interview cited in reporting.
