2 Flatiron buildings to be developed.A pair of adjoining Park Avenue South office buildings will be transformed into one luxury residential condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. complex. The United Federation of Teachers owns both of the buildings through next year. A partnership between real estate firm Max Capital and a division of Insignia Financial Group will carry out the project at 260 Park Avenue South and 48 East 21st St. "This is truly the first condo conversion Generally stated, a condo conversion is a process of entitling an income property or other lands currently held under one title to convert from sole ownership of the entire property (which often already is a multi unit property) into individual for sale units. that In signia has ever done. We see a real lack of residential supply in this area," said Jeffrey Goldberg Jeffrey Mark Goldberg (born September, 1965) is an American journalist. He is an author and a staff writer for The Atlantic Monthly, having previously worked for The New Yorker. , executive managing director at Insignia/ESG's Co-Investment Group. He predicts that Insignia will pursue more office-to-condo conversions since they are what he calls "a great diversification move" in this market. With the commercial leasing market moving sluggishly--if at all in some districts of the city--the strength of the residential market is even more apparent. It may be too early to call this conversion a trend. During the late 1990's, however, some developers converted from residential to office space as a way to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the overheated o·ver·heat v. o·ver·heat·ed, o·ver·heat·ing, o·ver·heats v.tr. 1. To heat too much. 2. To cause to become excited, agitated, or overstimulated. v.intr. office leasing market. "This project just made a lot of sense here. It's a great opportunity for an area that isn't really well-served residentially," said Anthony Westreich, president and partner of Max Capital. Linjan Associates' Yitzchak Tessler, with Karl Fischer Karl Fischer may be:
|
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion