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Conversions of the Future?

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It is with deals like this that the black rhino of city housing, the rent-regulated apartment, comes even closer to extinction: Simon Baron Development Group has just inked a deal to purchase 12 East 88th Street for $105 million from longtime owners Nostra Realty. One third of the building's 65 apartments are rent-regulated. Sources say Simon Baron plans on converting the rentals to high-end condominiums. With the development group having already poached and redeveloped buildings like Tower 31 at 9 West 31st Street, and The Manhattan at 244 East 86th Street, it won't be too long before the rent-regulated apartments on 88th Street are gone altogether. [TRD]