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Conversions

Started by ILoveMuayThai
about 17 years ago
Posts: 125
Member since: May 2009
Discussion about
What are the drawbacks to buying in a condo conversion that still has both rent controlled and stabilized tenants?
Response by tina24hour
about 17 years ago
Posts: 720
Member since: Jun 2008

Depends on what percentage is still rental. If it's more than 30%, it may be harder to get financing, even if all the available units sell out. Otherwise, there are some nuisance factors: if the building is continuing to renovate one apartment at a time it can feel like you live in a construction zone long after the initial conversion is complete. The good news is that you should get a discount to offset any downside. Though this is not always the case (see the initial asking prices in the Apthorp...)
Tina
(Brooklyn broker)

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