In New York City, converting a rental apartment building to a co-op or condo is common practice; however, that does not mean it is easy. It requires assistance from attorneys schooled in the rough and tumble world of New York real estate. At Rosenberg & Estis, P.C., we facilitate the conversion of occupied rental properties to co-ops and condominiums. We also manage new developments and construction.
Typically, our firm becomes involved with condo and co-op projects early - often before the property is acquired. We advise on conversion strategies, evaluate tenancies, and analyze the potential impact of other co-op/condo issues on the success of our client's project. We provide all the legal services needed to ensure the success of a conversion, from plan preparation to contract negotiation and closing representation.
Converting a rental building to a condominium can sometimes solve an owner's financial problems. Favorable tax treatments may help some owners. Redeveloping the building for commercial use may be an option for other property owners. Our lawyers build on their in-depth knowledge of condo and co-op law to counsel clients about options such as these.
In addition to handling the conversion, we represent co-op/condo boards on an ongoing basis.
For more information about condominium conversion, please contact us.
