condominium conversion


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condominium conversion

The process of converting a building with tenants, or a cooperative building with tenant-shareholders, into a community of individual owners of specified units and common owners of all common areas. Many states have laws protecting tenants in a building scheduled for conversion. Protections may include lengthy notice periods regarding the plans to convert,prohibitions against drastic rent increases designed to force tenant flight from the building, an exclusive period during which only the tenant may purchase the unit before exposure to the general market,and special protections for the elderly and disabled.

References in periodicals archive ?
Marking a milestone achievement, Africa Israel USA, developer of 20 Pine completed residential sales at the 38-story condominium conversion.
2) It responded by enacting the Massachusetts Condominium Conversion Act (the Conversion Act), which regulates the conversion of rental housing into condominiums.
But the Housing Department and renter advocates warned that the system gives property owners incentive to discriminate against low-income tenants and evict longtime renters before applying for a condominium conversion.
0 million loan to refinance and to acquire existing senior and mezzanine debt collateralized by over 2,100 multi-family units within twelve garden-style condominium conversion developments located in Florida, Arizona and Nevada.
The building is currently classified as an elevator apartment building with stores, but the owners are in the process of effecting a residential condominium conversion on floors 2-7, which includes converting the ground floor commercial/retail component to a condominium.
The owner of a 72-unit condominium conversion project in Little Rock picked up an additional $2.
88 Greenwich Street's condominium conversion plan was approved in October 2006.
Massey Knakal Capital Services cloaws a condominium conversion loan on Manhattan's Upper West Side for total proceeds of $12.
Robert Sheridan & Partners, a Chicago-based developer, today announced the sellout of Lakeshore at Andersen Springs, a 299-unit lakeside condominium conversion in Chandler, Arizona.
This law mandates that sponsors of condominium conversion projects provide condominiums with reserve funds at least equal to statutorily calculated minimums.
211 East 51st Street luxury condominium conversion is offering New York City brokers a 6% sales commission for each luxury home sold through January 31, 2011.
These mezzanine loans, which were originated in 2005 in connection with two separate condominium conversion transactions in the Tampa, Florida area and a land development transaction in Somerset County, New Jersey, have a different risk profile associated with them as compared to the loans we are currently originating.