NYC Panel OKs 25-Story Hotel With Rent Regulation Deal

Law360, New York (September 20, 2012, 8:35 PM EDT) -- A controversial 25-story hotel planned for a site originally set aside for affordable housing got the green light Wednesday from the local community board after the developer Cammeby's International worked out a deal to keep rents in nearby apartments regulated for 20 more years.

Despite concerns from some community members that the building would be too tall and could contribute to the growing nightlife scene in the Lower East Side neighborhood, Community Board 3 gave its unanimous support to the 195,000-square-foot mixed-use hotel at 215 Chrystie...
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