05/07/2024
$160M Conversion Project!
The JFK Hilton, once a bustling 350-room hotel near the airport, is now in the midst of a remarkable transformation into affordable housing—a pioneering effort under New York's Housing Our Neighbors with Dignity Act (HONDA).
This property, like many others, sat vacant during the COVID-19 pandemic and was chosen as the first to be repurposed under HONDA, a state law passed in 2021. The $167 million conversion project has completed interior demolition and is gearing up to transform into 318 apartments.
Despite these strides, advocates are frustrated by the slow progress since HONDA's enactment three years ago. The Hilton stands as the sole hotel currently being repurposed under this initiative.
Vijay Dandapani, CEO of the Hotel Association of New York City, pointed out that HONDA's $200 million state budget fell short, hindering efforts to convert more hotels. Many potential candidates lacked suitable room sizes for residential use and faced challenging zoning regulations.
The Hilton is now on track to reopen as the Baisley Pond Park Residences by October 2025, marking a significant step in New York's evolving housing landscape.
📊 Get the full housing market report for Queens, NY: https://rltor.cm/5kwcpt
Source: New York Post
