Conversion for conversion’s sake?

Longtime renters say the new owners of Manhattan House on East 66th Street are pressuring them to leave their rent-controlled and market-rate apartments to make way for high-priced condo conversions. Sure, the developers paid a whopping $620 million for the 582-unit, white-brick, postwar building, but the jury is still out on whether the condo conversion makes sense financially. more [NY Magazine]