Updated almost 3 years ago on . Most recent reply
Converting Apartment Building Into Condos
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!!
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@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.