"Tishman and BlackRock were expecting to convert 64 units monthly, or 6.9 percent annually, according to a Merrill Lynch & Co. report on Sept. 12. The actual conversion rate is about 43 units monthly, or 4.6 percent annually. The number of conversions was within S&P's own forecast range, the ratings company said, without being more specific. The average rental income at the rent-stabilized units is 10 percent lower than anticipated. The cost of converting regulated units to market-rate has been 11 percent higher than anticipated." [Bloomberg; previously]
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