Buying a development site, demolishing whatever is currently there, and constructing a ground-up condo development is, obviously, really, really expensive. Buying a rental building, kicking out the tenants, and consolidating some of the units to create larger "luxury" condos is also expensive, but comparatively less so. Hence, we're seeing a bunch of these rental-to-condo conversions as of late in Manhattan (and even one in Brooklyn), following in the footsteps of 36 Gramercy Park East, Philip House, and others. We've together a map of 18 such conversions that are in-progress, just completed, or in the pipeline—if we missed any, let us know and we'll add 'em.Read More
Mapping the NYC Rentals Reborn as Money-Hungry Condos
Part of HFZ Capital's plan to create new Manhattan condos that are (relatively) approachable in price is The Astor on West 75th Street, where the developer is taking the 212 units in the 1901 rental building and turning them into 100 condos that will start around $1.1 million.
This Related-developed, Robert A.M. Stern-redesigned conversion launched sales last week, with 325 units and prices ranging from $595,000 to $2.975 million, much to the displeasure of its former renters.
Fifty Third and Eighth
Another nominally "affordable" HFZ Capital project, this one is going from 264 rentals to 252 condos, priced between $1.1 million and $3.25 million. The teaser site touts "True New York Character in the Heart of Manhattan," whatever that's supposed to mean here.
River & Warren
The rental-to-condo conversion at 212 Warren Street, formerly known as 22 River Terrace, launched sales back in December, with prices from $1.475 million to over $10 million. Developers Centurion Real Estate Partners and Five Mile Capital brought it from 324 rentals down to 192 condos, with CetraRuddy designing.
Reviled East Village developer Ben Shaoul acquired both of Post Properties' New York City rental buildings this past summer for a combined $270 million. The one in Gramercy is called Post Luminaria (though probably not for long).
The other Post building, on the Upper East Side, is called Post Toscana. Shaoul has said that he "would love to have all the renters convert to owners... you could own a unit here and pay the same out-of-pocket costs as your current rent. We want to do this at a price point so that people can stay in their apartments." Suuuure.
78 Irving Place
Silverstone Property paid $17.9 million for this Gramercy rental building in 2013 and is in the process of remaking it into seven luxury condos, designed by PKSB Architects.
15 William Street originally launched as condos, later had 60 percent of them converted into rentals while being rebranded the William Beaver House, and is now in the process of being converted back into all-condos, aimed at families. It's basically a microcosm of the entire Financial District residential market over the past decade.
Glenn Rufrano of O'Connor Capital Partners bought this building last March for a steep $240 million and plans to complete the conversion by late 2015. One tenant claimed he was quoted a price of $2.75 million to buy his two-bedroom.
This Park Slope building was empty and dilapidated when developer Sugar Hill Capital Partners purchased it for $4.2 million, and decided not to raze it and instead convert it into four full-floor luxury condos with retail space on the ground floor.
277 West 10th Street
Starwood Capital Group bought this landmarked building for $68.2 million last year and, along with the Naftali Group, is planning to drastically reduce the number of units, from 145 to 42, in the process of taking it condo. The architect of record is Beyer Blinder Belle.
The "second oldest tall building on the Upper West Side" has gone through several changes over the years—it's been a hotel, an apartment-hotel, a Columbia student residence, a rental building, and most recent, 25 condos. Sales launched in September, with prices starting at $4.6 million.
This conversion is not underway, that we know of, but as of last April the Robert A.M. Stern-designed 400 Chambers Street was being market to any developers who wanted to take it in that direction, with an asking price of more than $300 million.
88 Lexington Avenue
Another one from HFZ Capital, the 88 Lexington conversion sees developer Ziel Feldman taking a 177-unit Flatiron rental building and making into condos that include seven "studio penthouses."
The fourth and final of the buildings that HFZ Capital spent over $600 million buying is LexLofts at 90 Lexington Avenue, next door to the previous building.
498 West End Avenue
Developer Samson Management paid $52.5 million for this 1910 building in 2012 and converted it from rentals to condos, bring the number of units down to 19 and somehow sailing a 4,000-square-foot addition through the Landmarks Commission with no problem. Sales launched a couple months ago.
Despite the fact that the Landmarks Commission was not into the idea of GTIS Partners adding a two-story addition to 101 West 78th Street (alternately known as 380 Columbus Avenue) the developer is still going ahead with its rental-to-condo conversion of the building. The reconfiguring will leave it with 16 units, with interiors by Stephen Sills & Associates.
737 Park Avenue
One of two Upper East Side rental buildings that developer Harry Macklowe has taken condo (the other is 150 East 72nd Street), 737 Park Avenue finally hit the market a few months ago. Its "white box" penthouse is asking $39.5 million.
Though technically a rental-to-co-op conversion, the Upper West Side's The Chatsworth, which just launched sales, is certainly part of this trend. HFZ Capital (again) did the conversion, with Pembrooke and Ives designing.
19 St. Johns Place
Another Brooklyn conversion, four rent-stabilized units in Park Slope were recently remade into condos, priced between $631,000 and $732,000.