AgentRentals

Considerations for tenants facing condo conversion

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Q: We're thinking of renting in a building that, rumor has it, may become condos. What do we need to think about? --Miguel and Sarah A: Many states regulate the conversion of rental units to condos. They limit the number of conversions and give existing tenants first dibs on buying the units. If the rumors of conversion are credible, think first about whether you'd like to buy the unit. You may not be able to answer this without having lived there, however. But it's a first step -- if the answer is a likely yes, then it may be worth your while to rent and suffer the disruptions that will happen during the conversion process. First, the conversion process usually involves a map or plan, which can be involved and technical. You'll need to be familiar with it, and may need some help figuring it out. You may then enter a period of public comment on the project, which can be lengthy and, if the project is controversial, draining. Clearly, learn whether the owner must offer exi...