Devonshire Conversion

not sure if your specific question is answered here but worth a look.

http://streeteasy.com/nyc/talk/discussion/13349-devonshire-house

The piece doesn't really speak to how the conversion was handled. Thank you though for the link.

Does anyone know how the conversion played out for the tenants?

>Does anyone know how the conversion played out for the tenants?

So columbiacounty provided a useless link?

Did not provide any solid info. Just a bunch of conjecturing and discussion of floor plans. So far no one has been able to provide any real insight into either building.

Market rate tenants did not have their leases renewed. From what I know, a lot of the rs and re tenants are still there. There was no "insider option" for market rate tenants

Sorry, meant rs and rr tenants.

thank you. Everyone has been trying to figure out if there will be an insider price if they are in possession at the time the offering is distributed- it would the answer is no. If anyone was a tenant when the conversion went through we would love any insight you may offer

there are never insider prices for market rate tenants. there may or may not be insider prices for rs/rc tenants.

actually, years ago when I used to work on conversions we would offer insider rates as incentive tenants to buy to meet the 15% requirement. As long as you are in possession at the time the red herring is circulated you have the right within 90 days to exercise the option. We have had a couple of friends who have had the good luck to be in buildings when they converted. So it does not matter what type of tenant you are as long as you are in possession.

Columbiacounty said never.

At the Devonshire, most of the apts were 1 and 2 bed. They wanted to combine where possible to sell larger places. As 50% were rs/rr there wasn't much room to offer insider prices to the mkt rate tenants.

There were fewer than 50% RS/RR tenants at the time of conversion. Most of the building was empty. No market rate tenants were able to participate in the conversion because the leases had all expired by the time the red herring appeared.

Dunno about that. Spoke to one of the doorman and he reckoned most of the rs/rr tenants were there after conversion, and the building was sold as 51% rr/rs (if I remember the listing right)

jsw363 Thank You! It would seem that they are emptying the building out of all mrt. I just don't understand how they get around the warehousing issues. Regardless, it would see the same thing is happening at 1327 Lexington. Most of the rs/rc tenants are elderly so taking a buyout does little for them.

Gopher, you're entitled to your opinion, but I disagree. As the last market tenant in the building, I was in the thick of things. However, not knowing your sources beyond one conversation with one doorman, I'll try to give you the benefit of the doubt.

JSW363 what was your experience? How did they get around the whole warehousing issue? Originally people were optimistic in the building that they might be able to buy their apts, but as the building empties out more and more this seems to be less viable.