Conversion of Devonshire House

28 East 10th Street or 47 University

Great building, old tenants.

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.

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.

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.