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The younger Mr. Walentas says that over the years their company, Two Trees Management, has spent $100 million on the properties, including the condominium conversion of Building No. 7.
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The conversion of buildings to alternative uses like office space or housing also contributed to the decrease.
This study provides a practical benchmark for the conversion of buildings' usage.
It added that council policy "presumes in favour of conversion of buildings within settlements to residential use", and Magson understands why.
Ms. Quinn said the conversion of buildings to rental units for tourists diminished the supply of affordable housing for full-time residents.
"Frankly, though, if you are not there just before the beginning in my business, you are too late". said Mr. Dranoff, whose business is the conversion of buildings into luxury apartments.
Illegal conversions of buildings, whether private homes or warehouse spaces, violate city building and fire codes.
Another program, run by the Urban Homesteading Assistance Board, works with the city on co-op conversions of buildings taken over from delinquent landlords.
But many of the alterations in the 2007 map — which encompasses Manhattan south of 67th Street, as well as downtown Brooklyn and Jersey City — are additions or renovations to existing buildings, conversions of buildings for new purposes, or brand-new developments.
It also has represented a state dairy-industry lobby, companies seeking approval from the State Attorney General's office for five condominium or cooperative conversions of buildings, and a builder seeking authorization from the state to renovate a landmark building in the Bronx.
Later, occasional Muslim raiders reinforced the process of conversion by building mosques, madrassas and Sufi Khanqah.
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