From left: 34 Leonard, Cipriani Club at 55 Wall Street, 75 Wall Street and William Beaver House

As some new condominiums struggle with sales, developers are converting units to rentals to create revenue, allowing residents to get the condo lifestyle without the commitment, the Post reported. At 34 Leonard, the first thing that the new owner, Epic, did after taking over the Tribeca development in September was to scrap sales and make it a rental. In five weeks, 12 of the 16 units rented, and “it seems we’ve made the right decision,” said Cara Stone, a spokesperson for Epic. Cipriani Club Residences at 55 Wall Street is also renting unsold units. “Our role is to sell the units, but in the meantime, we’ve had so much demand for short-term rentals,” said Elie Pariente, president of Urban Marketing, which is handling sales. According to Platinum Properties, 75 Wall Street is also renting out some of its available condos, and William Beaver House, also in the Financial District, has had a number of condos for rent as well. [Post]

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From left: 1600 Broadway, Cipriani Club Residences and 555 West 23rd Street

From the March issue:One in every 13 homes is in pre-foreclosure. Half are listed for rent or sale. This predicament isn’t taking place in the outer boroughs. It’s happening in Manhattan at a luxury condo. The building is one of dozens in Manhattan where multiple owners have fallen behind on their mortgages. This month, The Real Deal put together a top 10 list of buildings in Manhattan with the most units that received a pre-foreclosure filing in the last year. [more]

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100 West 81st Street

From the January issue: Amongst a handful of onlookers huddled around an auctioneer in the
rotunda of the New York State Supreme Courthouse last month, a real
estate investor placed the winning bid on an alcove studio for what
seemed like the deal of the century. The price: $28,000.
Yes, that’s right, $28,000 for an apartment in a pristine Upper
West Side co-op building across from the Museum of Natural History. By comparison, a similar studio in the 100 West 81st Street
building sold for $460,000 in 2005, the most recent comparable sale. The shockingly low sale price — more on par with a car than a
Manhattan home — was just $600 more than the amount owed on the
apartment.