The New York City Economic Development Corporation (NYCEDC) and the New York City Industrial Development Agency (NYCIDA) announced the Hahn Kook Center (HKC), the U.S. headquarters of the Korean International Trade Association (KITA), as the third recipient of the Manhattan Commercial Revitalization Program (M-CORE). The $200 million renovation project at 460 Park Avenue is set to reimagine the building as a hub for global business collaboration and economic growth. NYCEDC also opened a new round of M-CORE applications, which will close on May 1, 2025.
The M-CORE program is designed to revitalize Manhattan’s aging office spaces, reduce vacancy rates, and create vibrant, sustainable business districts. Currently, New York City faces a 14.8% office vacancy rate, equivalent to 107 million square feet of unused space. By offering financial incentives, M-CORE encourages property owners to modernize their buildings, comply with Local Law 97 emissions standards, and incorporate amenities that meet the demands of the hybrid workforce.
Located in Midtown Manhattan, 460 Park Avenue is home to key Korean trade organizations, including the Consulate General of the Republic of Korea and the Korea Trade-Investment Promotion Agency. With M-CORE funding, the 22-story building will undergo significant upgrades, including a modernized, light-filled lobby and a new street-level marble façade, full electrification to meet Local Law 97 requirements with a goal of achieving LEED Gold and WELL certifications, and creation of business incubator spaces for international start-ups and growth-stage companies.
The building will also host 24 annual in-person events to foster collaboration between Korean and U.S. businesses, further strengthening international trade ties.
460 Park Avenue joins 175 Water Street and 850 Third Avenue as M-CORE awardees. These projects collectively represent over $400 million in investments to modernize Manhattan’s commercial real estate, making it more competitive and aligned with the needs of the current workforce.
NYCEDC has opened the next round of M-CORE applications, encouraging property owners to take advantage of this opportunity to contribute to the city’s economic revitalization. Applications are open until May 1, 2025, and additional details can be found on NYCEDC’s website.
M-CORE is part of a broader vision outlined in the “New” New York Action Plan, which aims to reimagine the city’s business districts with legislative, urban design, and economic strategies. From converting vacant offices into residential spaces to enhancing open public spaces, the program reflects a long-term commitment to making Manhattan a global model for innovation and economic sustainability.
New York City remains the nation’s top destination for talent and continues to diversify into emerging sectors such as life sciences, green technology, and digital innovation. Programs like M-CORE ensure that the city’s infrastructure evolves to meet the needs of its dynamic workforce and thriving economy.
