More condos go rental in struggling market

November 04, 2010 12:30PM

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]