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You could also give your shares in the condo over several years until you have transferred full ownership.
He also prefers a condo over a co-op because he dislikes the board power over resales.
That market, he said, could include Pratt Institute students whose parents want to subsidize a condo over a rental, or "that 30-something, cool, hip Brooklyn person in a creative field" like Web design or music.
At the Trump International Hotel and Tower at 1 Central Park West, at the foot of the park, a king of American sausage turned the keys of his condo over to a developer who built shopping centers for Wal-Mart.
In New York some 5,000 hotel rooms have turned condo over the past three years.
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And another residential arrival, BellTel Lofts, a 250-unit condo, took over the former Verizon building at MetroTech 7. Students are among the many residents of area high-rises, which lease out housing units to institutions like Brooklyn Law, St. Joseph's College and St. Francis College — as well as Long Island University, which recently opened dorms on Fulton and Hoyt Streets.
With the higher appraised value of condos over co-ops, a conversion will result in higher property taxes.
Co-developed by Starwood Capital Group, the creator of the W hotel chain, and Tribeca Associates, the $400 million tower will have 114 hotel rooms and 64 condos over 45 stories.
Already, he says, South Lake Union has created 7,000 jobs; 2.4 million square feet of office, laboratory, retail and hotel space; and 1,850 rentals and condos over the last four years.
Largely because of the high cost of the land, Millennium, with encouragement from the city, priced most of the condos over 1 million Canadian dollars, well into the "luxury" range, a strategy that backfired in the recession.
The seemingly insatiable appetite for luxury condos over the last few years enticed developers to buy old Class B office buildings and spend hundreds of millions of dollars on conversions.
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