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.
Africa Israel shuts up shop at 20 Pine, sells retail, fills apartments
2) It responded by enacting the Massachusetts Condominium Conversion Act (the Conversion Act), which regulates the conversion of rental housing into condominiums.
Casting new light on a continuing problem: re-considering the scope and protections offered by Massachusetts's Condominium Conversion regulations
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.
Natural history museum neighbor retail condo for sale: Eastern Consolidated
The owner of a 72-unit condominium conversion project in Little Rock picked up an additional $2.
Riviera funding
Massey Knakal Capital Services cloaws a condominium conversion loan on Manhattan's Upper West Side for total proceeds of $12.
Massey closes a $12m loan
This law mandates that sponsors of condominium conversion projects provide condominiums with reserve funds at least equal to statutorily calculated minimums.
Condominium conversion reserve fund obligations
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.
Home strait at 211 East 51st Street: HJ Development
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