Conversion of Devonshire House

30yrs_RE_20_in_REO: about 5 months ago

From what I heard, the insiders prices weren't much of a discount. Wilpon bought the building for $110 million and it's supposed to be 145,000SF, which puts it at over 750 a foot. I had heard that they were looking to sell for around $1700/sf.

And supposedly Wilpon lost a ton with Madoff.

NWT: about 5 months ago

CViller, condo conversions don't have underlying mortgages.

Almost every non-eviction conversion (and they're virtually all non-evict) results in legacy tenants. Not a problem for buyers. In fact, the more units still owned by the sponsor, the lower the CCs are likely to be.

kylewest: about 5 months ago

Without knowing the offering plan details, "insider" pricing, and number of units expected to become owner-occupied during the initial offering, how can you take a position or express an informed one-size-fits-all-conversions opinion?

Certainly two things the building has going for it are (1) outstanding location, (2) gorgeous building with extensive recent facade restoration.

Emrolover: about 5 months ago

Great building, old tenants.

CViller: about 5 months ago

28 East 10th Street or 47 University

CViller: about 5 months ago

What's going on with this building?
It is Emery Roth.
But why would someone buy into a conversion where for the next several decades there'll be legacy tenants and probably high mortgage maintenance?