NYC rental building to cooperative conversion
Hello all!
Has anyone in nyc had any experience with the process of converting a rental building into a coop building?
I've worked as a property manager for a few different rental operations in Manhattan and the Bronx. We own and manage about 400 coop apartments, which were all converted from rentals to coops well before our company bought them(all non eviction plans). So I'm familiar with the process to a point.
About 3 yrs from now we will own two multifamily apartment buildings in Washington heights. The buildings have many rent stabilized units but they still manage a solid cashflow.
How can I tell if converting to coop is a sound financial decision?