One of the last projects to turn a rent-regulated building into for-sale luxury homes, before new tenant-friendly laws cracked down on the practice, appears to have benefited from timing.
About 100 of the 160 vacant apartments at 20 River Terrace in Battery Park City, a 290-unit rental tower called the Solaire, have gone into contract since sales began in the fall of 2021, said the Albanese Organization, its developer. Albanese attributes the strong sales to rental-heavy Battery Park’s having few places to buy. The new laws, which prohibit conversions unless a majority of existing tenants agree to buy an apartment, make it unlikely that anything will be converted
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