Hello all,
I have an opportunity to acquire a 6-unit MF in Brooklyn that is rent stabilized. The building has two units per floor with the top floor vacant. Initially, the plan in our group, was to create full floor units as they become empty, which would increase the rents (though still RS). However, it was just bought to my attention that the remaining 5 tenants are willing to be bought out. That then presents the opportunity to convert the building to a condo which could be more ideal.
My question for those who have experience is: is it feasible to convert a vacant rent stabilized building to a condo? Taking out the costs for now (lets assume that the finances all make sense, etc.), my question is really around process. Does anyone know what that process entails or looks like? We'd get a CONH and all of the tenants are long term tenants.
If anyone has any insight around the process of converting RS apartments to condos and what that looks like, I would love your input here.
Aa
