Urban Innovators Fund acquires rent-stabilized multifamily at maximum dislocation, converts to market-rate condominiums through non-eviction plans, and delivers institutional returns from New York’s most overlooked asset class.
“The 2019 HSTPA created the deepest dislocation in New York real estate in a generation. The 2025 AHRA created the exit.”
When Albany’s Housing Stability and Tenant Protection Act passed in 2019, ~1 million NYC apartments lost nearly half their value overnight. Institutional owners became motivated sellers. In 2025, the Albany Rent Reform Act legalized non-eviction condo conversion at scale — opening a legal, efficient exit that 99% of institutional capital hasn’t identified yet.
A repeatable, institutionally-managed process for converting distressed rent-stabilized buildings into premium market-rate condominiums.
Upgrades fund the returns. Our electrification and envelope strategy turns sustainability into a competitive moat that competitors without our expertise cannot replicate.
We operate across NYC’s entire rent-stabilized landscape, with primary concentration in Manhattan and Brooklyn where the deepest pipeline and strongest condo demand converge.
Explore projected returns based on Condo Conversion Fund I target economics. Adjust your equity commitment to see real-time projections.
Based on target fund economics: 2.5× MOIC, 8% preferred return, 7-year term, 80/20 LP/GP split above pref. Not a guarantee of future returns.
From acquisition to market exit — the full value creation journey of a single converted unit.
Condo Conversion Fund I — annual projected EBITDA at full deployment
Every UIF acquisition undergoes a complete transformation — from distressed rent-stabilized asset to premium market-rate condominium.
Presented for illustrative purposes. Representative of target deal economics.
164-unit rent-stabilized multifamily acquired at deep discount following HSTPA-driven price dislocation. Full electrification and envelope retrofit completed using IRA credits and NYSERDA grants. Non-eviction condo conversion completed under AHRA 2025 with all tenants receiving right of first offer.
This transaction exemplifies our full four-phase playbook: acquire at dislocation, green upgrade, non-eviction conversion, market-rate exit.
Five decades of collective expertise in New York real estate, capital markets, infrastructure delivery, and sustainable development.
| Fund Name | Urban Innovators Fund — Condo Conversion Fund I |
| Strategy | Non-eviction condo conversion, NYC rent-stabilized multifamily |
| Target Fund Size | $300,000,000 |
| Minimum Commitment | $5,000,000 |
| Fund Term | 7 years (+ 1-year extension option) |
| Geographic Focus | New York City — all 5 boroughs |
| Target Hold Per Asset | 3–5 years |
| Target Net IRR | 30%+ per annum |
| Target MOIC | 2.5× – 2.8× |
| Preferred Return | 8% (cumulative, non-compounded) |
| Carried Interest | 20% above preferred return (80/20 LP/GP) |
| Management Fee | 2.0% on committed capital |
| Maximum LTV | 40% of acquisition price |
| NOI Reserve | 35% of gross operating income |
Condo Conversion Fund I is accepting accredited investors and qualified institutional capital. Minimum commitment $5,000,000.
This does not constitute an offer to sell or solicitation to buy securities. Offered only to qualified investors pursuant to applicable securities laws. Investment involves substantial risk including loss of principal.