Question: I understand that New York may be looking to amend the Multiple Dwelling Law to allow for the conversion of hotel properties to residential use. As written, does the proposed law allow for the conversion of a hotel to a for-sale condominium, and if so, what type of filing would be made under the Martin Act?
Answer: As of the date of this article, there have been a couple of different proposals on amendments to the New York State Multiple Dwelling Law (the MDL) to encourage the conversion of certain commercial and hotel properties to residential use. This article focuses on Part L of Gov. Andrew M. Cuomo’s Transportation, Economic Development, and Environmental Conservation Bill in the latest executive budget as it relates to eligible hotel properties. See Part L of S.2508-A/A.3008-A.
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