A team of developers is turning a hotel near JFK Airport into more than 300 new apartments — putting the building on pace to become the city’s first such residential conversion under a stalled measure meant to spur affordable housing.
The idea gained new traction as the COVID-19 pandemic devastated the tourism industry and left tens of thousands of hotel rooms vacant. Mayor Eric Adams made the conversions a priority on the campaign trail, callingBut by the time state lawmakers enacted the initial HONDA fund to help finance residential conversions in 2021, tourism and hotel use had already begun to rebound, and owners were less willing to sell with a more lucrative future on the horizon.
Reyes said the Queens plan is good news. The city is currently mired in a severe housing shortage, and both median rents and homelessness have reached record highs. Despite broad acknowledgement of the housing and affordability problems, lawmakers have failed to take meaningful action to address the ongoing crises.
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