Condo conversions slow in FiDi

Condo conversion development in the Financial District is slowing down. During the first nine months of this year, 2,278 converted condo units in FiDi went on the market. In 2009, there are only five conversion projects scheduled to open, according to the Downtown Alliance, all with less than 15 units each. The bulk of big residential projects expected to open in the area over the next two years are new construction developments, including a 189-unit building at 201 Pearl Street scheduled to open next year. Marketer Michael Shvo attributes the condo conversion slowdown to the cessation of tax abatements, the credit crisis and to the economic downturn.