A New York City agency estimates that public incentives for a planned $200 million renovation of a Manhattan office building will be worth $48.7 million, supporting a project that aims to update aging commercial space and attract international startups.
The project is being pursued by Hahn Kook Center (U.S.A.), Inc., the U.S. affiliate of the Korea International Trade Association (KITA). A November 2025 proposal from the New York City Industrial Development Agency (NYCIDA) values city benefits at about $40.8 million and state benefits at about $7.9 million. The estimate covers property-tax arrangements, sales-tax exemptions and mortgage-recording-tax relief; the city property-tax arrangement is listed for 20 years.
The work at 460 Park Avenue includes a larger lobby, a redesigned street-level exterior, full electrification and a 9,307-square-foot addition. The existing 22-story building has 282,801 gross square feet, including about 29,672 square feet of cellar space, according to the project application.
NYCIDA’s proposal links the building’s Class B status to a long period without major renovations. It says much of the building’s infrastructure, including its electrical system dating to 1954, had reached the end of its useful life.
New York City selected the project in January 2025 for its M-CORE office-renovation program. The award calls for space for an organization serving international startups and ready-to-occupy offices for growth-stage companies. The New York City Economic Development Corporation (NYCEDC) says the building is also expected to host at least 24 in-person events annually. NYCIDA estimates the site will add 177 tenant jobs by the project’s third year.
The financing plan lists $180 million in equity, including $170 million from KITA and $10 million from Hahn Kook Center, alongside a proposed $20 million commercial loan from one or more major Korean banks. The applicant told NYCIDA it had sufficient evidence of equity to proceed if the loan was unavailable.
The timing has shifted across the available records. The project application projected a 24-month construction period beginning Jan. 1, 2026, while NYCEDC’s fiscal 2025 report listed completion in 2028. The Korea Herald reported Nov. 9, citing Hahn Kook Center President Paik Ji-min, that completion is now expected in early 2029. NYCIDA’s proposal anticipated the commercial loan toward the end of 2027, subject to a more favorable lending environment.
