What Happens When Your Rental Building Goes Condo

The conversion of 737 Park Avenue, from a rental building to condos, has sparked a number of lawsuits with rental tenants. Credit: Fred R. Conrad/The New York Times

(The New York Times) On first blush, it looks like Carol Cohen, a top residential broker in Manhattan who has counted the fashion designer Vera Wang and the publishing scion Lachlan Murdoch as clients, has a great setup. She lives with her husband in a sprawling two-bedroom apartment on a prime block on Park Avenue, for which she pays about $3,000 a month in rent, far less than the $9,500 a month a nearby two-bedroom on Park Avenue costs.       

But her building, 737 Park Avenue, is becoming luxury condominiums, with units priced as high as $27 million. And in a fairly transparent attempt to push Ms. Cohen out of her apartment, the developer is suing to have her investigated for tax fraud.