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For example, an experienced developer may purchase an apartment building, hire a consultant to put the entitlements in place, and then upgrade the building so that the sales team can sell them as individual condominiums. Alternatively, a mom and pop have owned a 20 unit apartment building for 20 years and want to sell it.
Apartment buildings and multiple-family housing make up a more significant share of the housing stock in the New York City area than in most other U.S. cities as over 75% of apartment buildings in NYC are co-ops. Reasons suggested to explain why cooperatives are relatively more common than condominiums in the New York City area are: [38]
Elizabeth Hawes said in her 1993 book New York, New York that the building looked "both important and unlikely" when it had been completed. [126] Schuyler, reappraising the building in 1896, said: "The architectural results were so successful that it is a very considerable distinction to have designed the best apartment house in New York."
Notable apartment complexes developed with Mitchell-Lama funding include the Dayton Towers, Manhattan Plaza, the Cadman Plaza, Co-op City, and the 1199 Plaza. [9] According to the New York State Homes and Community Renewal (formerly DHCR), "A total of 269 Mitchell-Lama developments with over 105,000 apartments were built under the program." [10]
Advertisement for mobile homes on the Florida Keys, June 1973. Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others.
Initially, the concept of a condominium was introduced by the Federal Law "On the Fundamentals of the Federal Housing Policy" No. 4218-1 dated December 24, 1992: "Condominium is an association of owners of residential premises in apartment buildings with the establishment of conditions for joint ownership and use of inter-apartment stairs ...
She passed in 2008 at the age of 86 in her home per her wishes, and the house still stands today empty and surrounded by concrete walls and urban sprawl. [10] The Thirsty Beaver in Charlotte, North Carolina. The Thirsty Beaver is a bar which is surrounded by an apartment complex, in Charlotte, North Carolina, United States. The establishment ...
New York City's zoning regulations allowed a building of up to 249,242 sq ft (23,155.3 m 2) on the site, of which up to 138,468 sq ft (12,864.1 m 2) could be used as apartments. [ 4 ] In 2011, Kay Development bought the site for $41.17 million. [ 4 ]