Converting Apartment Building Into Condos

[Zalman Ives]

Hey, do you have experience in buying an apartment building and converting it into condos? Would you be open to a conversation with me to guide me through some basic expectations and things to know going in? Thanks in advance!!

[Jason Lee]

@Don Konipol No, that's not the case. No one converts to co-op now, only condos.

@Zalman Ives This is going to be very difficult, if not impossible. Under the new rent laws from 2019 you'd need 51% of the tenants to buy into the conversion plan. It used to be 15% and that was difficult, and typically achieved through steep discounts or buyouts of protected tenants. The 51% threshold will not leave enough meat on the bone.