They rent them out, so likely had a contractor do the conversion and then woth the rental income cancels out the cost. “No cost” is also just what that post used, doubt official documents say no cost.
Following a competitive request for proposals process, the city selected GFP Real Estate to develop the site.
Note it said only 1,000 affordable residences, but 4,000 overall. A real estate company is happy to cover the cost and cede 1,000 units to affordable terms in exchange for 3,000 residences at market rate.
How does converting an office building have zero cost?
No cost to the city. Sounds like some other entity foot the bill.
They rent them out, so likely had a contractor do the conversion and then woth the rental income cancels out the cost. “No cost” is also just what that post used, doubt official documents say no cost.
Everything has a cost, even if it’s tickling pandas
No cost to the city as explained in comments written long before yours in this thread
https://www.nyc.gov/mayors-office/news/2026/09/mamdani-administration-advances-plan-to-build-nearly-4-000-new-h
Following a competitive request for proposals process, the city selected GFP Real Estate to develop the site.
Note it said only 1,000 affordable residences, but 4,000 overall. A real estate company is happy to cover the cost and cede 1,000 units to affordable terms in exchange for 3,000 residences at market rate.
It seems like a significant cost is in reading the whole sentence.