Unlocking Value in NYC’s Underutilized Real Estate
New York City is a global hub for commerce, culture, and capital, but many of its buildings no longer reflect the city’s current needs. Obsolete offices, vacant schools, and underused religious sites stand as missed opportunities in a city facing a deep housing crisis. At Parkside Partners, we believe these spaces can be reimagined into vibrant, mixed-use communities that serve residents across income levels while preserving the architectural character that defines New York.
The Housing Shortage and Opportunity Gap
According to the NYU Furman Center, New York City added only 200,000 housing units between 2010 and 2020, despite population and job growth far outpacing that figure. Meanwhile, the city is home to over 80 million square feet of vacant or underused office space, enough to house tens of thousands of families if converted appropriately.
Targeting Underutilized Assets
Parkside focuses on properties that other developers often overlook. These include:
Former schools with open floor plans ideal for housing
Religious campuses with excess land or outdated facilities
Small-footprint office buildings below 12 FAR
By collaborating with mission-aligned landowners, we offer redevelopment pathways that respect institutional values while meeting community needs.
Our Strategy
We pursue long-term ground leases, adaptive reuse, and mixed-income financing tools such as 421-a alternatives or tax-exempt bond structures to make these projects feasible. Every project starts with a simple question: How can we maximize social utility without compromising financial sustainability?
By unlocking value in what others dismiss as obsolete, we help ensure New York’s growth is inclusive and resilient.
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