B
ushburg Properties is pushing ahead with a major transformation of 80 Pine Street in the Financial District. The developer has filed plans to convert floors 2-17 into approximately 500 residences, while potentially retaining some office space on upper floors. This move comes after AIG vacated the building in 2021, leaving behind 800,000 square feet of empty space.

    The conversion is part of a larger trend in the Financial District, where several developers are repurposing office buildings into residential units. Bushburg's plans follow similar projects at 111 Wall Street and 222 Broadway, which will add over 2,100 new apartments to the area.

    The tax abatement program passed by lawmakers last year has made such conversions more attractive. Developers can receive up to 90% of their property taxes waived for 35 years if they designate 25% of units as affordable at 80% of the area median income. Bushburg's $160 million purchase of 80 Pine Street was finalized last month, and the architect on the project is CetraRuddy Architecture.