Proposed rezoning of the Water Street POPS. Image credit: Department of City Planning

Council Members voiced concerns over the proposal’s provisions stripping the City Council of its review over future applications brought pursuant to the proposal. On May 4, 2016, the City Council Subcommittee on Zoning and Franchises held a public hearing on an application submitted by the Alliance for Downtown New York, the NYC Economic Development Corporation, and the Department of City Planning to amend the zoning text controlling the Water Street corridor in lower Manhattan. For CityLand’s previous coverage on the proposed rezoning of the Water Street POPS, click here.

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Council Member Ritchie Torres. Image credit: NYCC/William Alatriste

UPDATE: On May 10, 2017, the City Council voted 45-4 to approve the extension of the moratorium on hotel-to-condo conversions within the Borough of Manhattan. Council Members Daniel Garodnick, David Greenfield, Steven Matteo, and Paul Vallone all voted in the negative. The Committee on Housing and Buildings previously voted 11-0 on May 8, 2017. The bill will now go to the Mayor’s desk for his signature.

City Council Committee heard testimony in considering an extension on the Manhattan moratorium on hotel-to-condo conversions. On May 2, 2017, the Committee on Housing and Buildings held a hearing on a bill to continue for two years a limitation on conversions of hotels to condominiums. The Manhattan hotel industry alone generates about $11.8 billion in economic activity and generates more than 65,000 jobs throughout the City. The industry contributed $1.8 billion in tax revenue to the City in fiscal year 2015. (more…)