No surprises here. Three- to six-unit building owners have the right to pursue condo conversion through a lengthy and time-consuming lottery system. A total of 1,844 TIC units applied for conversion this year. Unfortunately, the cap is still set at 200 conversion approvals.
Better yet, there are 2,100+ TIC units expected to apply in 2009. At this point, it’ll take an average of 24 years to condo convert for a 2010 applicant.