In the middle of the pandemic, a state program was announced in New York to convert hotels into affordable housing. This week, developers announced plans for the first project: the conversion of a Hilton hotel near JFK Airport.
Developers Slate Property Group and RiseBoro Community Partnership said they plan to convert the hotel in Queens into more than 300 units of housing, the New York Times reported. The owner of the Hilton, Sam Chang, is selling the property to the joint venture of Slate and Riseboro for an unspecified amount.
About 60% of the units in the converted hotel will be earmarked for the homeless, which exceeds the threshold required to receive state funding for the project. The balance of the units will be reserved for low-income households, with rents set at $1,200 for one-bedroom units and $1,500 for two-bedroom units.
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