This time it intends to double its current floor area of 400, 000 square feet (37, 000 m2) by renovating existing rooms and by building anew on to its current site in midtown Manhattan.

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From the beginning of April, condominiums being built in big cities have been allowed to double the amount of floor space they can build on a given piece of land.

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The money raised would go towards installing double glazing, a new floor, toilets and heating, said Mr Steel.

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