Residents of New York City's "Billionaires' Row" have filed a law suit in a bid to block a 150-person homeless shelter from opening in their neighbourhood.

The building on West 58th St, formerly the budget-price Park Savoy Hotel, backs onto the city's most expensive apartment building - One57 - where a penthouse sold for a record-breaking $100.5m in 2015.

In its complaint to the New York City Supreme Court on Monday, the West 58th Street Coalition expressed concerns that the building is unsafe and would pose a risk to both its residents and neighbours.

Residents are also worried that the homeless shelter will attract crime to the up-market Manhattan street, often referred to as "Billionaires' Row" on account of its wealthy inhabitants.

“Not only is the building unsafe, but crime and loitering” caused by the project will lead to “irreparable injuries that have been found to warrant emergency injunctive relief to block the opening of a homeless shelter,” the lawsuit said.

The conversion of the hotel forms part of Mayor Bill de Blasio's plan to tackle rising homelessness in the city - "turning the tide on homelessness" - which was announced at the start of this year.

The ambitious programme will eventually see 90 shelters open in all five boroughs of the city and an end to the expensive practice of using hotels to house the homeless, but it has been criticised by residents in affected neighbourhoods like Billionaire's Row.