Freeman, senior director sales at Massey Knakal, tellsGlobeSt.com the time frame for the conversion to for-sale housingis two to three years, "depending on the market." Although securinga JV partner was the goal of owner Frank Farella, Freeman says itisn't typical.
"I can't say I'm seeing more joint ventures," Freeman says."Partnering with a stranger is a difficult way to conduct business,and although I think there are more owners/developers who wouldlike a JV partner to enter their projects now because of toughtimes, the guys with cash are picking their spots verycarefully."
The 140,778-square-foot, landmarked apartment complex--locatedon Hicks Street--spans over two blocks between Kane and WarrenStreets. The complex consists of nine six-story adjacent walkupapartment buildings with 188 units. Two of them are free marketwhile the remaining 186 units are rent-stabilized.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
