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.
MIAMI, June 10 /PRNewswire/ -- Condo Terminators, a specialty consulting group of Morningside Mortgage Corporation, in Bay Harbor Islands, Florida, has completed the filing process for Florida's first mass short sale of a failed condominium conversion on June 9 at the Sunset Lake Villas Condominium in Margate, Florida.
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.
Massey Knakal Capital Services cloaws a condominium conversion loan on Manhattan's Upper West Side for total proceeds of $12.
The owner of a 72-unit condominium conversion project in Little Rock picked up an additional $2.
Promotion Expected To Reduce Condominium Conversion Related Debt by More Than $20 Million
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.
Of these, 1,729 units located in six communities transferred from Tarragon's apartment rental portfolio have been targeted for condominium conversion over the next twelve months.
After 20 years at 240 Central Park South, New York's famed San Domenico restaurant will relocate to 19 East 26th Street in the heart of the Flatiron District at the base of the brandnew luxury condominium conversion 15 Madison Square North.
2 million, which allows the Company to financially participate in the buyer's condominium conversion plan.