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…)

Rendering of the Waldorf-Astoria after proposed cleaning and minor modifications. Image Credit: LPC

Plan would see some small additions, cleaning and restoration of facades, a new residential entrance, re-opening of historic interiors, and replacement of unsympathetic later elements. On April 25, 2017, Landmarks considered and approved applications to renovate the exterior and interior of the Waldorf Astoria Hotel at 301 Park Avenue in Midtown Manhattan. The 1931 Art Deco hotel’s exterior was landmarked in 1993, and continuous interiors on the first three levels were designated earlier in 2017. The iconic block-sized hotel has been acquired by Chinese investment firm Anbang, who have closed the hotel in anticipation of extensive renovations. The new owners intend to convert a substantial portion of the hotel to residential use. (more…)