Is 2011 Turning Into the Year of the Condo Conversion?
That might be an exaggeration, but there are a sizable handful of condo conversion projects happening in the coming months, some of them rounded up in Crain’s and the Journal today. Here’s the rundown:
1) 1212 Fifth Avenue: This East Harlem project, a $47 million conversion of an old Mount Sinai Medical Center building, recently unveiled its website and floorplans. Now Crain’s learns that the project will hit the market next month for around $1,000/square foot. Sound like a fair price?
2) The Printing House: This 421 Hudson Street building (right) has been a condo for 30 years. But 105 of the apartments have been rentals—until now. The Journal explains that the building is selling for $70 million, and while there’s a bit of drama to the deal involving a lawsuit from a jilted bidder, the upshot is that the rental units will soon be as condo as the neighbors. The new owner plans to renovate and perhaps combine some of the units, and the common areas will get upgrades, too.
3) 184 Joralemon Street: The Brooklyn Law School dorm at 184 Joralemon Street also faced a court filing over its possible conversion plans, but it looks like BCN Development is moving forward with the deal. The deal should close next month, according to Crain’s, and is one of several that BCN has in the works. We’ll be eagerly awaiting pricing information on all of these.