Although we do not specialize in handling conversions or forming new condominiums or cooperative corporations and the subsequent retail unit sales pursuant to offering plans, the Firm’s attorneys have extensive experience in creating and converting properties to condominium or other regimes of ownership as our clients look to maximize the value of their assets by undertaking vertical or horizontal subdivisions and other ownership regimes.  In our current environment of low interest rates and compressed cap rates, real estate values for core assets in major markets, such as New York City, have become extremely expensive, and only those real estate professionals who are able to “create” value by finding the best and highest use for each component part of an asset will thrive.  For example, it is now common practice in New York City for investors to acquire assets with the view to separate into office, retail and/or hotel components, keep some portion of the asset, sell-off other parts and employ creative techniques to enhance financing alternatives and ultimate exit strategies.  Our attorneys regularly deal with complex forms of ownership regimes – be they condominiums, mixed-use assets, ground leases or alternative forms of ownership – and are thus able to add tremendous value to our clients employing such creative strategies.