Search
 
Analysis

NY Makes it Easier to Convert Hotels to Apartments

State cuts red tape for $200M in grants for adaptive reuse, lets converted hotels keep COs.

By Jack Rogers | July 06, 2022 at 06:48 AM

As NYC hotels struggle to rebound from crushing losses during the pandemic, the Empire State has enacted a series of measures aimed at making it easier for nonprofits to purchase struggling hotels for conversion into affordable multifamily units.

Gov. Kathy Hochul recently signed a bill exempting hotel conversion projects from a lengthy review process, which developers had blamed for the low number of applicants seeking access to a state program that funds adaptive reuse projects.

 

Recommended Stories

GlobeSt. Multifamily Fall 2022Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.