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Originally Published in Commercial Observer

It’s been a little over a year since the Real Estate Board of New York filed its opposition in New York’s Supreme Court to the City of New York’s Local Law 50, which prohibits owners of large Manhattan hotels from converting rooms to residential condominium units. Despite REBNY’s complaint being dismissed due to lack of standing to sue, the industry group isn’t backing down and filed a notice of appeal on Sept. 26.   The moratorium is set to expire in eight months, but there is a strong suspicion that it will be extended.

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