The Wellington, a building at 200 East 62nd Street where you couldn't afford to rent, will now be turned into condos that you can't afford to buy, the Daily News reports. Developer Glenn Rufrano of O'Connor Capital Partners bought the property in March for $240 million from an entity that had itself purchased the building a mere eight years ago for $173 million. Not a bad deal for those guys. Rufrano plans to complete the conversion by late 2015.
According to Streeteasy, apartments in the Wellington rent for around $6,000 for a one-bedroom to $15,000 for a four-bedroom. The building's penthouse was last listed in 2012 for $25,000. Tenants will be given the option of either buying their apartments or leaving — one claims that he was quoted a price of $2.75 million for his two-bedroom. The developers have promised not to mess with the rent-stabilized tenants, however. Other rental-to-condo conversions in the area include 12 East 88th Street and Philip House at 141 East 88th Street.
· Developer Glenn Rufrano, CEO of O'Connor Capital, wants to transform Upper East Side rental building into luxury condos [NYDN]