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But he warned that efforts to transform a pub into a house or a flat would incur greater difficulties: "Conversion to residential use is often fraught".
Mr. Bolan recently decided to make the most of the demand for London real estate by selling the two middle floors for conversion to residential use.
After the naval school closed in 1953, the chapel, like many of the other buildings, was left empty for decades and finally sold for conversion to residential use.
That company, based in Rockville, sold the building to Metropolitan Partnership after several months of working with city agencies "on plans for its sale and conversion to residential use," the statement said.
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Along with the introduction of relief for companies cleaning up land comes the abolition of stamp duty on all property transactions in rundown areas, and reduction in VAT from 17.5percentto5percentr cent for conversions to residential use.
It has attracted much criticism throughout its life, and seems only to have become a truly functioning building following its late-90s conversion to a residential block.
The neon tunnel at 127 John Street is long gone, a casualty of the building's conversion to a residential rental in the 1990s.
The abolition of restrictions on conversions from offices to residential use.
The tight rental market is driving up sales prices, Mr. Heiberger said, as is "the fact that many proposed conversions from commercial to residential were canceled because the commercial market went so crazy".
Much of that has to do with the loss of industrial space in Brooklyn and Queens to residential conversion, which has driven tenants to the Bronx.
Chiat and von Gal's is a three-bay, English-style hay barn, one of the most popular (and priciest) models because it lends itself well to residential conversion, either as a "great room" or as multilevel living spaces.
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