Out and About: Rolling conversions never smooth

Lots of terrace, tiny kitchen in West End Avenue condo.

Lots of terrace, tiny kitchen in 829-sf West End Avenue condo.

The temptation always is great to get in, as it were, on the ground floor.

That possibility occurs when a building’s owner decides to convert from rentals to condos with only a fraction of the tenants gone.

To my mind, the situation creates the worst of several worlds — the continuing presence of resentful renters, infrastructure yet to be completely (sometimes even mostly) updated, endless buyer traffic and the mess and interference of contractors in the building for months and months as they work on one apartment after another.

It is not immaterial that buildings with majority sponsor ownership cannot qualify for mortgages backed by Fannie Mae.

In the mid 90s Continue reading