I don't understand why the TA is still hovering around the idea of conversion and actively hoping and working for it. Do you seriously think that CWCapital, in a sale, is going to handicap a potential buyer with conversion nonsense? Don't you think that the best scenario for a seller is to afford the buyer the prospect of doing what the buyer may wish to do with the property?
And take a look at the property, now that the foliage is gone from the trees: THESE ARE THE PROJECTS. Fairly ugly looking, institutional buildings. Despite the gimmicks of an ice rink or an "indoor" basketball court, these projects only make sense if the property is affordable and structured for the working class. Otherwise, only the land is of supreme value, which means that sooner or later, these buildings, with all their old structural problems, are going to be torn down, replaced by modern high towers.
Right now the "New Stabilizers" are paying market-rate prices for a complex that is inhabited more and more by students (herded several into an apartment), where the laundry facilities are mediocre, there's dog shit everywhere, the walkways are cracked, delivery packages are being stolen, and where THERE ARE NO DOORMEN! You are paying for luxury living, but are not living in luxury.
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