If you have spent any time in New York City, especially as a resident, you are well aware that there are many condominiums throughout the area. While some of these buildings were constructed as condos, others were converted somewhere along the way.
There is a lot that goes into a condo conversion project, including legal aspects that can take a lot of time and resources to figure out. Of course, this doesn't mean the process is impossible, as many conversions take place every year.
Some of the many aspects of a condo conversion that can lead to trouble include meeting all deadlines for filing the appropriate permits, reviewing contracts and other documents and conversing with other parties who are integral to the success of the project.
Many developers are looking for somebody who can oversee the entire project, bringing together all professionals to ensure that everybody remains on the same page. This include the coordination of architects, tax advisers, marketing directors and contractors among others.
In most cases, negotiating with existing tenants is also a big part of the process. It is easier said than done when it comes to getting current tenants to leave the property before their lease expires.
There are many complexities associated with converting any type of building into a condominium development. This is why it is important to have a solid plan in place from start to finish.
Those who need to learn more about condominium conversion projects, including some of the most common challenges, should start by reading our page entitled "New York City Condo Conversion Lawyers."