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Question for the brokers

Started by stache
over 6 years ago
Posts: 1296
Member since: Jun 2017
Discussion about
Hypothetical pre war rental building, what % of existing tenants would have to agree to buy their units in order for a condo conversion to be allowed?
Response by 300_mercer
over 6 years ago
Posts: 10569
Member since: Feb 2007

Rent stabilized? What discount to market value will be offer?

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Response by UptownSpecialist
over 6 years ago
Posts: 139
Member since: May 2013

RS/RC building- it now requires 51% up from 15% before the law changed several weeks ago.

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Response by 300_mercer
over 6 years ago
Posts: 10569
Member since: Feb 2007

For free market, converted as is without the noise etc, my best guess will be 20-25 percent if no discount to market is offered.

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Response by 30yrs_RE_20_in_REO
over 6 years ago
Posts: 9877
Member since: Mar 2009

UptownSpecialist is correct. And it would still be a non-eviction plan meaning any non-purchasing tenant could stay on post conversion with no change in status.

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Response by stache
over 6 years ago
Posts: 1296
Member since: Jun 2017

Thank you Uptown!

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