Apartment rentals New York with Condo Conversions

Nationwide Condo Conversions Increase, but Brooklyn Sticks to Rentals

Williamsburg Bridge

What do developers do when their condominiums remain vacant? They turn them into luxury rentals, of course. At least, that’s what developers across the country decided to do during the recession. When the recession hit, foreclosure was one of the most feared words, leading to a hike in the number of people choosing to rent, which triggered higher monthly rents.

Now, the Wall Street Journal reports, landlords are moving in the other direction, converting their rentals into condos, indicating recovery in the sales market. Tenants are even going out of their way to ask landlords if they can buy their apartments.

The Apthorp Penthouses: The Up Top Down Low

The Apthorp NYC

The top floor of the historical Apthorp, a landmarked building located at 2211 Broadway in the Upper West Side, is up for grabs at $14,000 per month. In February, the apartment was purchased for $3,462,050 and has since received renovations and customizations including an additional room and custom Plato cabinets. It supposedly has never been lived in either.

Any other day of the week, this would appear to be your typical high-scale luxury rental listing. There’s a catch, however.