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Is DIY Loft Conversion the Way To Go?

Lower East Side blogger Felix Salmon writes, "I just got off the phone with a friend of mine. 'You know everything, Felix,' she said, perspicaciously. 'Instead of buying a loft, would it be cheaper to buy a loft building and then convert it into lofts?'"

To answer the question, Felix researches 232 Broome Street, a lovely little loft building on the corner of Essex. He estimates that one could make a profit by paying $5 million, say, for the building, then converting it to condos that would sell for $8 million. The problem? The building is on the market for $25 million.
· 232 Broome Street [Felix Salmon]
· Listing: 232 Broome Street [Weichert Realtors]