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 ?
LCOR announced the launch of sales for its condominium conversion at the Broad Exchange Building located at 25 Broad Street.
It consider such aspects as looking for a place and renting it, sharing a home, discrimination, tenant's right to privacy, minor repairs and maintenance, injuries on the premises, environmental hazards, crime on the premises, security deposits and last month's rent, overview of eviction and tenancy termination, the eviction lawsuit, renters' insurance, and condominium conversion. Appended are a rent control chart, printed forms, and instructions on how to use the online interactive forms.
The property opened as a hotel in the early 1950's and was closed and gutted in 2007 in anticipation of a condominium conversion. The conversion did not materialize and the property went into foreclosure, RLJ said.
Steven Gietl, an Austrian investor made a 30 percent profit on a 62-unit Fort Lauderdale condominium conversion nine months after buying the property in a short sale.
The real estate portfolio includes assets including the Mandarin Oriental hotel in Boston, and loans on the Apthorp condominium conversion project in New York and the Palmer House Hilton in Chicago, it said.
(2) It responded by enacting the Massachusetts Condominium Conversion Act (the Conversion Act), which regulates the conversion of rental housing into condominiums.
The amendment was intended to protect existing rental housing from condominium conversion and to address the replacement of rental housing units when considering development proposals involving the demolition of existing rental housing.
About 500,000 low-rent dwellings are lost each year due to condominium conversion, arson, and so forth - two and a half million people lose their housing as a result.
James Nelson, head of Avison Young Tri-State Investment Sales, added, "Located between Greenwich and Washington Streets on one of the neighborhood's best blocks, this fantastic structure is envisioned as a townhouse or condominium conversion."
Among his recent investments: a distressed condominium conversion site at 62 Wooster Street in Soho, which he bought for $26.27 million in April, and 260 units in a fractured Florida condo where he says he's currently getting a 9 percent return on his investment now that he's renting them out.