646-312-6800 grace@gegrace.com

Governor Cuomo is proposing to create regulations to allow the conversion of vacant commercial and hotel space in Midtown Manhattan into housing. The legislation would create a 5 year period in which owners of the buildings will be able to convert the use of their space from commercial use to residential. Both the NYC Hotel Association, an industry group, and the Real Estate Board of New York support this idea.


Local city zoning laws would be superseded by a state law. NYC government would have to be a willing partner for these building conversionto work effectively.


A spokesman for Mayor DeBlasio, Bill Neidhardt, mentioned that affordable housing should be part of thproposed rezoning.


New York’s real estate is changing. Contact GE Grace for expert advice on your real estate endeavors. Call us at 646 312 6800 or email Grace@GeGrace.com.