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Co-op conversions a thing of the past?

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The state has approved a mere 12 Manhattan buildings for co-op conversions since 2000, a precipitous drop from the co-op-conversion heyday of the late ’80s and early ’90s. Between 1987 and 1989, for example, 461 conversions were approved. The approvals have become rarer and rarer as the condo has assumed the position of Manhattan’s residential property du jour, with developers and individual owners alike finding they’re able to realize more of a return on condos than on co-ops. more [NYO]

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