Chicago apartment developers inhibited by rising land and construction costs are increasingly setting their sights on older condo buildings that, while outdated in their current state, present tremendous upside potential through deconversion to rentals. The challenge: getting 75 percent of existing owners to sign off, as required under state condo law. It’s a scenario attorney Sonny Ginsberg, co-founder of  Taylor Johnson client Ginsberg Jacobs LLC , encounters frequently. Knowing his insights shared at the recent Marcus & Millichap Multifamily Forum would make for a timely follow-up, we helped coordinate this  GlobeSt.com  feature in which Sonny discusses the various legal considerations for deconversions as well as strategies for choosing the best buildings.

Attorney Sonny Ginsberg has represented buyers and lenders in deconversion deals across Chicago.