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Midtown Rental Building To Become 'Lower-Priced Condos'

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Prolific developer HFZ Capital is turning a slew of rental buildings into condos, and the teaser site for one of those projects just went live. Called Fifty Third and Eighth, the building is being re-made out of The Metro, a 1979-built rental building with 264 units over 25 stories. BP Architects is on the case, and HFZ's site says the end result will be 250 condos.

Amenities will include laundry, a gym, a 3,000-square-foot landscaped second-floor garden, and a landscaped roof deck. The teaser site indicates the new apartments will be one- to three-bedrooms, with prices ranging from $1 million to $2 million and up.

When HFZ first bought up The Metro and other rentals, one broker said there's "a gap in the market for lower-priced condos," and HFZ chief Ziel Feldman did say then that the fact that it's a conversion will definitely be reflected in the asking prices. Because costs are lower without new construction, it gives the chance to see "more approachable prices."

· Fifty Third and Eighth [teaser site]
· 301 West 53rd Street [HFZ]
· Four More Manhattan Rental Buildings Could Become Condos [Curbed]