Manhattan Borough President Scott Stringer rejected the $550 million hotel and condo project planned for 50 West Street Wednesday, saying the developer needs to make a substantial investment in affordable housing. Under the proposed deal, Time Equities would buy 183,000 square feet of air rights from the city to build a 63-story tower with 400 condos and 183 hotel rooms. Time Equities CEO Francis Greenburger said construction of the tower would be too expensive to build affordable housing, but he is looking to buy another Downtown property soon that is suited for a “substantial affordable housing component.” Stringer’s rejection is only advisory, but is likely to influence the City Council, which needs to approve the project for it to go forward. more [Downtown Express]