NEW YORK (CBSNewYork) – New York City has been given the green light to open a homeless shelter a block from Billionaires Row in Manhattan.

A judge approved the opening Monday, despite community protests.

The planned shelter is located at the former Park Savoy Hotel on 58th Street near Seventh Avenue.

Web Extra: Billionaires Row Residents Rally Against Homeless Shelter 

Residents and homeless advocates have argued the building is unsafe.

“There’s no escaping the fact if this building goes online, it’s going to be a tragedy,” community attorney Bob Skallerup told reporters Tuesday. “You have to look at the inside of this building to see exactly how narrow the stairways are… the fact that there are dead end corners, the fact that they’re no sprinklers in any of the tenant rooms.”

The shelter would accommodate 150 homeless men who are working or actively seeking employment.