New York City’s commercial real estate think tank and networking group CRE BizDevel held a panel discussion called “Unpacking the City of Yes: Zoning Reform and Its Impact on NYC Real Estate.” Leading real estate, architecture, legal and construction experts explained the new City of Yes legislation and its impact on the commercial and multi-family property segments in New York City, especially the rapidly growing commercial-to-multifamily conversion market.
AnaTracey Hawkins, Director of Strategic Growth at L&K Partners and founder of BizDevel, moderated the discussion. Panelists included IMC Architecture Principal Eugene Mekhtiyev AIA, LEED GA; L&K Partners CEO John McCarthy-O’Hea; New York Building Congress President Carlo Scissura; Sheldon Lobel, P.C. zoning and land use attorney Richard Lobel and HKS Real Estate Advisors Principal Peter Carillo.
During the discussion, the panelists addressed how zoning updates are accelerating approvals and unlocking new opportunities; the push for adaptive reuse, sustainability, and higher-density housing; the challenges and roadblocks developers, architects, and construction managers still face; and what this means for NYC’s future real estate landscape.
“From a construction standpoint, the City of Yes means more opportunities for adaptive reuse projects where existing structures are modernized rather than demolished and rebuilt,” explained McCarthy-O’Hea. “All told, it will bring development to market in a shorter time frame. It also encourages sustainable construction by repurposing materials and reducing demolition waste, which aligns with NYC’s broader energy efficiency goals.”
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