City May Restrict New Hotels in Industrial Zones
Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events!
The de Blasio Administration is likely to ban as-of-right hotel development in industrial business zones and light manufacturing zones, according to a self-described private-sector insider. Manufacturers who rent in industrial zones are peeved that hotels have caused land values to shoot upward and about their landlords selling the sites, Crain's reports. The Hotel Trades Council would likely get behind the plan, since they’ve been a big center of non-union hotel development. The developers of Industry City in Sunset Park are asking for a rezoning that would let them build a hotel. [Crain's]