The Real Deal New York

New bill aims to ban hotel owners from going condo

Those who do want to convert their properties would have to apply for a waiver
December 18, 2014 12:04PM

A new bill being introduced to the City Council would prohibit hotel owners from turning their buildings into luxury condominium towers.

The measure would apply to those who own hotels with more than 150 rooms and would prevent them from turning more than 20 percent of the units into apartments. The ban would cover more than 100 buildings in the city.

Council member Corey Johnson is sponsoring the measure, the New York Daily News reported.

In the last 11 years, 3,600 rooms at 14 properties have gone condo.

Hotel owners who do want to convert their properties would have to apply for a waiver from a board. That panel has yet to be created. [NYDN] — Claire Moses