Bill would extend hotel-to-condo conversion ban

Majority of city council has sponsored the measure

TRD New York /
May.May 02, 2017 03:45 PM

The city is likely to renew a law that limits the conversion of certain hotels into condos or rentals.

A majority of the City Council supports renewing Local Law 50, which prohibits owners of hotels with more than 149 units from converting more than one-fifth of the building to other uses, Crain’s reported. The law went into effect two years ago, and a new bill seeks to extend it for another two.

“It’s common practice to extend laws to allow more time to fully gauge and measure their effectiveness, especially when that law is intended to protect good-paying, middle-class jobs that are at the heart of New York City’s tourism economy,” Bronx Councilman Ritchie Torres, one of the bill’s sponsors, said in a statement.

According to a report by a consulting firm last year, hotel-to-residential conversions had little impact on the city’s hotel supply. Still, some officials are concerned by the growth of hotels who employ nonunion workers.

The Real Estate Board of New York filed a lawsuit against the city in 2015 over the law, arguing that it impacted more than 170 hotels. A state Supreme Court judge threw out the lawsuit in June, and REBNY appealed the decision a few months later. [Crain’s] — Kathryn Brenzel


Related Articles

arrow_forward_ios
John Banks

High expectations: A look at John Banks’ 4 years at REBNY

High expectations: A look at John Banks’ 4 years at REBNY
John Banks

John Banks to step down as REBNY president

John Banks to step down as REBNY president
REBNY Awards

Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi

Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
Carmel Partners CEO Ron Zeff (JLL)

Carmel Partners sells Norwalk apartment complex valued at $157M

Carmel Partners sells Norwalk apartment complex valued at $157M
From left: 180 West 81st Street in Upper West Side, 15-30 130th Street in College Point; 5002 13th Avenue in Borough Park (Google Maps)

Manhattan sees first September i-sale with UWS mixed-use building

Manhattan sees first September i-sale with UWS mixed-use building
New York Assembly Speaker Carl Heastie and Senate Majority Leader Andrea Stewart-Cousins (Getty)

New York lawmakers push for new millionaires’ tax

New York lawmakers push for new millionaires’ tax
Manhattan Detention Complex at 125 White Street and State Supreme Court Judge John Kelley (Google Maps; Ballotpedia)

Chinatown jail that would replace Rikers is halted by judge

Chinatown jail that would replace Rikers is halted by judge
Knotel CEO Amol Sarva and Sprinklr CEO Ragy Thomas with 29 West 35th Street (Sarva via Sasha Maslov; Getty; Google Maps)

Manhattan landlords sue Knotel, Sprinklr for missing rent

Manhattan landlords sue Knotel, Sprinklr for missing rent
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...