Tenants Say They're Lost In Dust of Conversions

Whatever the situation at 230 Riverside Drive, which offers views of Riverside Park and the Hudson River, there is no doubt that the conversion craze of the new millennium is on in New York City, with the number of rental apartments being turned into condominiums each year more than quadrupling sinc...

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Bibliographic Details
Published inThe New York times
Main Author CHARLES V. BAGLI and MICHAEL S. SCHMIDT
Format Newspaper Article
LanguageEnglish
Published New York, N.Y New York Times Company 27.02.2006
EditionLate Edition (East Coast)
Subjects
Condominiums
Conversion
Evictions
Landlord tenant relations
Rent control
New York City New York
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Summary:Whatever the situation at 230 Riverside Drive, which offers views of Riverside Park and the Hudson River, there is no doubt that the conversion craze of the new millennium is on in New York City, with the number of rental apartments being turned into condominiums each year more than quadrupling since 2003. Unlike the boom in the 1980's, tenants are often out of luck and out on the street when the owner comes calling, especially at rental buildings in prosperous neighborhoods like the Upper West Side. Unlike the 80's, today the number of rent-stabilized tenants are often in the minority and unable to block a conversion. Not only do residents fail to get an insider's price, but even tenants paying market rents often do not get the chance to buy their apartments because their leases expire before the units legally go on sale. That allows converters to combine apartments and sell vacant units at a much higher price. As a result, rent-stabilized tenants no longer represent as sizable a block in many buildings and are less able to pressure landlords by refusing to go along with the conversion plan, which must be approved by 15 percent of tenants. Market-rate tenants, in turn, have little or no leverage.
ISSN:0362-4331