Pryor Cashman Partner Ronald Kremnitzer, Co-Chair of the firm's Real Estate Group, was interviewed for The Cooperator article “Taming Transient Turmoil.” The article discusses the New York City real estate trend where sponsors having difficulty in selling will rent portions of a condominium development until the market stabilizes.

According to the article, there are significant concerns when rental conversions take place in buildings with a large number of purchased units. As Kremnitzer told The Cooperator:  “Since the sponsors aren’t selling and now need to rent out the remaining units, the impact on those poor souls who have bought into the condo could be huge. If it’s a small amount, it’s not that big a deal but if 20 to 30 percent have been sold and the rest are becoming rentals, it becomes about quality-of-life issues, plus it’s going to be hard to finance.”

To read the article from The Cooperator in its entirety, please click here.