(To read more on the multifamily market, click here.)
NEW YORK CITY-To take advantage of the strong condo market here,Broad Street Development secures $105.1 million to go toward theacquisition and conversion of 1430 and 1438 Third Ave. Thebuildings, located between 81st and 82nd streets, total 168units.
The 21-unit 1430 Third has 52% of its units under rent controland will not be converted to condos. Currently, 1438 Third is a31-story, 147-unit residential building with 14,000 sf ofground-floor retail space. After the conversion, it will have 47one-bedroom and 40 two-bedroom units.
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