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Pending approval of the conversion plan by the attorney general, occupancy is set for spring.
The city's department of buildings also must review either conversion plan.
To have that variation on the conversion plan work, "We only need one buyer," she said.
Mr. Rolfe led a group of investors who created the first noneviction conversion plan in 1971.
Residential Ownership Alternatives Hutton, a real estate consulting firm based in Iselin, organized the conversion plan.
In February, Duke officials told the regulatory commission that the conversion plan might never happen.
And, as with MetLife, Prudential's conversion plan protects it from immediately becoming a takeover target.
While 83 of the tenants supported the conversion plan, 37 did not.
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While conversion plans were on hold, an extensive renovation of the 6.2-acre Madison Square Park was completed.
In the decade of the 1980's, the state attorney general approved conversion plans for 3,883 buildings in New York City, with 321,858 apartments.
"And most conversion plans say the purchase agreement is not assignable unless the sponsor consents to the assignment," Mr. Weinstein said.
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