skip to main content
Overview
Toggle Button Open

August 16, 2022

The Real Deal

Special Counsel John B. Egnatios-Beene discusses the arrangement behind The Ritz-Carlton NoMad, which legally bypasses New York City’s restrictions on short-term rentals, like Airbnb. The hotel/condo combo means the property can maintain commercial zoning, rather than a mix of commercial and residential, because the owners aren’t considered full-time residents due to short-term stays.

“There must be a market for people who want to own something for an investment vehicle but don’t need to live in it,” said Beene. “It’s a very creative solution.”

“Today in the city there isn’t anywhere you can start doing Airbnb lawfully,” Beene said. “In an area where you can have a hotel, yes, there’s a path to getting an approval for a transient use, but there’s some code implications — you’re not going to be able to do it and comply with code without permit filings and a lot of paperwork.”

Read the full article here.

August 16, 2022

The Real Deal

Special Counsel John B. Egnatios-Beene discusses the arrangement behind The Ritz-Carlton NoMad, which legally bypasses New York City’s restrictions on short-term rentals, like Airbnb. The hotel/condo combo means the property can maintain commercial zoning, rather than a mix of commercial and residential, because the owners aren’t considered full-time residents due to short-term stays.

“There must be a market for people who want to own something for an investment vehicle but don’t need to live in it,” said Beene. “It’s a very creative solution.”

“Today in the city there isn’t anywhere you can start doing Airbnb lawfully,” Beene said. “In an area where you can have a hotel, yes, there’s a path to getting an approval for a transient use, but there’s some code implications — you’re not going to be able to do it and comply with code without permit filings and a lot of paperwork.”

Read the full article here.

Professionals