Over the past decade or so, conversion to condominiums has become the preferred path for developers seeking to shift a rental building over to ownership.
Several such buildings have shifted to rental and are now doing relatively well, he said.
This shift from rentals to for-sale housing turned out to be a precursor of a continuing evolution in the way nonprofit housing companies function in New York City.
"Any time people build condominiums and the market doesn't support it, there is a shift to rentals — that is not a new phenomenon," said Woody Heller, an executive managing director at the brokerage firm Studley who, along with Will Silverman, a senior managing director, represented the seller in the sale of 111 Kent Avenue.
See Also: A Tech-Powered Shift To Rentals What's New, Useful At WordPress Making Your Business Legal.
Since apartments in the stately old building shifted from rentals to condominiums in 2008, the building has faced the threat of foreclosure, battles among owners who could not even agree to mediation, and renovation hassles for its remaining tenants.
To the Editor: Regarding the request in Florence Stickney's Q&A column on May 29 for information about automatic-shift-car rentals in France, I would like to add a name.
They have to shift from one rental villa to another, but the move doesn't faze them, even though the new place has broken windows and no beds.
"It could be a long evolutionary shift from a rental market to a housing market," Firoved says.
She says that across many verticals including textbooks (Chegg), movies and TV shows (Netflix), apartments (Airbnb); there has been a shift towards a rental model for consumers.
