The Decline of Doctors’ Offices: A Co-Op Conundrum in New York City

January 27, 2015New York Real Estate Journal

Douglas Heller wrote an article for the New York Real Estate Journal titled "The decline of doctors' offices: A co-op conundrum in NYC." He discussed the logistical and financial challenges to re-purposing the professional apartments on the ground floors of many cooperatives as many doctors move to modern, multi-practice and hospital-based facilities, and try to sell these spaces. He wrote, "While ground-floor apartments would attract greater investor interest, converting the units from professional use carries with it concerns for both the building and other shareholders that have made co-op boards resistant. So what's the fix? If a shareholder of a professional apartment insists upon forcing the issue, a well-advised cooperative board should back down because it would not want to accept the responsibility of placing the right of its shareholders to take tax deductions in jeopardy."