But in the case of Time Equities, many have done just that.

Time Equities is about to begin a $30 million renovation and is said to be negotiating with the state to lease half the building.

A partnership headed by Time Equities paid $53,000 for the building in 1979.

Time Equities plans to turn the 23rd Street building into a condominium.

Time Equities is also investigating the feasibility of creating a penthouse.

The building managers, Time Equities, deferred to the lawyer.

The apartments were used as collateral for $25 million in financing by Time Equities.

Time Equities broke ground in a ceremony back on June 23, 2008.

By contrast, the alternate plan offered by Time Equities is available only during the conversion.

Time Equities was formed in 1968 and it owned 25 buildings with 1,000 apartments even before the first conversions began in 1979.