4 ms·
A landmark skyscraper held as a tenancy-in-common, a forced partition sale, a rouge bidder, ... some lawyers are having a field day with this.
by kristjansson 4y ago
A landmark skyscraper held as a tenancy-in-common, a forced partition sale, a rouge bidder, ... some lawyers are having a field day with this.
- jmacd 4y agoI was curious about the tenancy-in-common issue. This article [1] provides a nice overview. 1: https://therealdeal.com/new-york/2023/03/28/the-trouble-with-tenants-in-common/ https://therealdeal.com/new-york/2023/03/28/the-trouble-with...
- kristjansson 4y agoThey're relatively common in SF, and increasingly common in LA for 4-5 unit apartment->ownership conversions. While they're weird for owners, they're attractive for small-time developers. Conversion to actual condo ownership is subject to regulation, and pretty tightly controlled by the city, but conversion to TiC requires basically no approval for builds with few (~5) units. They're pretty attractively priced too, since they can be done so quickly, and because owning a 1/4 undivided share of 4 apartments, with exclusive use of one apartment guaranteed only by the strength of whatever contract a small-time developer can get drawn up requires some ... convincing
- readthenotes1 4y agoit's always the rouge bidders that do it dirty! always favor the cerulean bidders!!
- dllthomas 4y agobring me the BLUE pages!
- dougSF70 4y agoThey bid until they are red in the face.
- kristjansson 4y agoDamnit that's what I get for typing quickly
- chihuahua 4y agoCerulean blue is like a gentle breeze.