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Current trends: Condo Conversions not Co-ops

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Tuesday, 12 August 2008 05:00

According to the latest Real Estate Statistics, NY state has approved only 12 buildings for residential co-op conversion so far this decade—and just two last year.


Apolo Theatre In fact, condos outsold co-ops in the first half of 2006 in Manhattan—a notable feat, considering that more than 75 percent of the borough’s for-sale housing is co-op. In the first quarter of 2007, according to Miller Samuel, 1,771 co-ops traded hands to 1,703 condos—a near dead heat, all things considered. The likelihood is slim that Manhattan will soon see again a co-op creation boom on a par with that of the late 1980’s. Condos remain the for-sale housing development of choice among developers, lenders and marketers; and even newer rentals have crept onto the scene.

At this time, you find that vacant apartments can be rented at fair-market rents that are not stabilized,” said Arthur Weinstein, a Manhattan attorney who has been involved in residential conversions since the 1970’s. “Many landlords in the 1980’s went co-op just to take their apartments out of rent control or rent stabilization.

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Strivers West Condominiums->2601 Frederick Douglass Boulevard
Fifteen units had been sold and five remained on the market as of mid-April at Brownstone Realtors Partners Development Corporation's building. There were three two-bedroom units and two three-bedroom duplex penthouse units available. The units range from 900 to 1,463 square feet and are priced from $499,000 to $795,000. The building has storage, a landscaped public and private terraces and a 25-year 421-a tax abatement. Contact A.N. Shell Realty Group.
 

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