You likely put in a lot of work if you own a Manhattan apartment building. You may have dreamt about finding a way to reduce your workload but not be overly clear about how to do so. Pursing a condominium conversion may allow you to be less hands-on than you currently are.
A condo conversion is a process by which you take rental units in your apartment building and change them over to condominiums that your renters own instead. Any structures that have shareholders or tenants, such as cooperative or apartment buildings, can generally undergo a condo conversion.
The residential unit isn't the only thing that a former renter or shareholder comes to own as part of the condo conversion process. These individuals also take ownership of shared common areas, including pools, onsite gyms and other building amenities.
Many apartment building landlords pursue a condo conversion as a way to cash out on their investment. They're required to give their tenants adequate notice of their right to purchase their unit or that they have to move out, though.
One of the reasons landlords are required to provide the renters with advance notice of their plans to convert their apartment building is to spare them of any potential financial hardship. It could cause tenants quite a bit of anguish if you were to increase rent without you telling them about it in advance.
Coordinating a condo or co-op conversion isn't easy. It takes a lot of effort and time. An attorney who has extensive experience in handling such legal matters in New York will have the experience and coordination you need to cost-effectively and seamlessly manage your conversion process.