Condo Conversion In Reverse

We have become accustomed to reading about rental buildings that convert to condominiums but a condo being converted to a rental?

Well when the owners of 34 Leonard Street couldn't sell the 16 luxury units in Tribeca that they had built just prior to the financial meltdown they put the entire building up for sale. The new owners, Epic Realty took a totally different approach. Their long term goal is to sell the units but in the meantime, while they way for the "new development" segment of the market to strengthen, they have had great success renting the units.

Since September when they officially took over, 12 out of the 16 units have been rented at prices from $9,500 to $45,000 a month. Not a bad little cash flow....right?

Will "reverse conversions" become the trend? Who knows, but one thing we do know, Epic Realty and 34 Leonard are very happy to have tried it.