Why Sell One Co-Op When You Can Sell the Building?

February 10, 2016 – Media Mention
Real Estate Weekly

Douglas Heller wrote an article for Real Estate Weekly about the opportunity for co-op shareholders in well-located New York City buildings with unused development rights to consider selling all of their shares to developers, which would effectively convey the entire building. He wrote that “the shareholders would each receive substantially more money than could be obtained by individual sales in the ordinary course. Even converting the building to a condominium, or just adopting condominium rules, or selling the development rights themselves, might not compare to the value obtainable by selling the entire building.”