The Real Deal New York

New urgency for resi conversions in hot sales market

Developers increasingly turn rentals into condos to take advantage of sizzling sales
By E.B. Solomont | November 11, 2014 10:30AM

From the November issue: With fewer development sites than ever to choose from, especially in Manhattan, developers are returning to a strategy that served them well before the real estate bust: rental-to-condo conversions. Just as in previous cycles, rising land prices and a shortage of buildable land are key motivators for the increased focus on conversions amid a hot condo market. [more]