Dennis Greenstein Quoted in The New York Times "Insider Prices in a Conversion"

Dennis Greenstein was quoted in the real estate Q &A column of The New York Times on June 25, 2008. The letter writer wanted to know if it is the landlord’s choice whether to offer an insider price to the tenant, since the writer’s apartment is rumored as being converted to a co-op or condo.

Dennis answered, in New York, the conversion of a residential rental building to co-op or condo is governed by the state’s General Business Law and regulations of the New York State attorney general. He stated, “The statute as well as the regulations do not require the sponsor to offer an ‘insider price’ to a tenant.” Dennis further stated, “The pricing of apartments and any discount offered to tenants are totally within the discretion of the sponsor.” Dennis concluded that, “If a discount price is offered at all, however, it must be offered to all tenants in occupancy on the date of the acceptance of the offering plan by the attorney general.”