Bright future for conversions.Look for the residential conversion process to slowly heat up again in 1993 and beyond. The reason? When carried out properly, co-op and condo conversions 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. offer exceptional benefits to both sponsors and the buying public alike -- a rare but highly desirable win/win situation. An excellent case in point is 48 West 68th Street, the stylish Stylish is a free Mozilla extension that allows for the manipulation of web pages and XUL application user interfaces through the use of CSS or user styles available localy or from centralized web-site [1], which allows style sharing. 12-story, 48-unit rental apartment building that we're we're Contraction of we are. we're we are now in the process of converting into a 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. for owners Benny and Sal Caiolo. Ironically i·ron·ic also i·ron·i·cal adj. 1. Characterized by or constituting irony. 2. Given to the use of irony. See Synonyms at sarcastic. 3. , this property was originally planned as a condominium, but due to changing market conditions, it opened five years ago as a rental development. The economics of converting 48 West 68th Street are very revealing. While it currently generates approximately $695,000 a year net income, which would be equivalent to a $5 million to $6 million investment return, it will sell out for more than $14 million as a condominium. In other words Adv. 1. in other words - otherwise stated; "in other words, we are broke" put differently , the conversion process has more than doubled the value of this property, which is very good news for the sponsor. But individual buyers also make out extremely well because apartments are being priced at approximately $225 a foot or the current equivalent of the cost of construction. If one has faith that the building of new residential units will eventual resume in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , then condo buyers at 48 West 68th Street will have purchased very wisely indeed. And that doesn't take into consideration this property's superb location near the park or its exceptionally spacious room sizes and unusual layouts. But 48 West 68th Street is not an isolated example. In recent years, we have worked with sponsors of residential properties throughout New York City and its suburbs and our consistently high record of performance, particularly in the areas of tenant negotiation and innovative sales and marketing, have demonstrated time and again the virtues and benefits of conversions. There can no argument that when carried out in the most professional manner, the conversion process is still the most exciting and viable method for creating high quality, affordable housing in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of marketplace. The key, of course, is not to repeat the mistakes of the past. For our part, we make certain that every conversion plan offered today has a solid economic basis and that each step of the process is carried out properly so that everyone-buyers and sponsors alike - end up as winners. |
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