A seasoned real estate investor once told me that if you have patience, fortitude, and can wait through business cycles, one thing is certain: Real estate values will rise. In the early 1990s, a group of visionary real estate leaders bought office buildings in Lower Manhattan for the unbelievable price of $5 a square foot. Just imagine, for $5 million, you could purchase a 100,000-squarefoot office building. Many of these buyers then spent between $20 and $50 a square foot to renovate the properties and convert them into residential rental towers, many of them located in the financial district. The city helped the investors by providing incentive programs, including the landmarked building historic tax credit and 421-g tax exemptions, an abatement of real estate taxes for conversion of commercial buildings to multiple dwellings, which significantly reduced the cost of operating the property. In just 10 years, many of these properties have been sold to new owners who plan to convert the properties into residential condominiums.

One of Lower Manhattan’s largest owners of office buildings is Kent Swig, principal of Swig Equities. Over the past few years, he has purchased several office buildings, including 44 Wall St., 48 Wall St., 110 William St., 80 Broad St., and 5 Hanover Square. This week, he will close on the purchase of the historic landmarked building at 25 Broad St., a rental apartment building. He will be paying about $260 million to Crescent Heights, which purchased the building for $5 million (and spent an additional $50 million to renovate and convert it). Last month, a partnership of World Wide Holdings and Lubert-Adler sold the former office building at 88 Greenwich St., which had been converted into a 458-unit residential rental building for $195 million, to Thorwood Real Estate. Thorwood is planning to convert the property into residential condominiums.

The principal of the Moinian Group, Joseph Moinian, was a pioneer in converting downtown office buildings into residential rentals in the early 1990s. This fall, buyers will be moving into a 35-story building he converted. It is the former home of the landmarked Downtown Athletic Club at 19 West St., across from Battery Park City and overlooking the entrance to the Brooklyn Battery Tunnel. A total of 288 units have been developed. They range in size from 500 square feet to 1,000 square feet with selling prices close to $1,000 a square foot.

Across the street from 25 Broad St. is Leviev Boymelgreen’s conversion of the former headquarters of JPMorgan Chase at 15 Broad St., also known as 23 Wall St.More than 90% of its units have been pre-sold, with average prices exceeding $850 a square foot. This summer, the principal of Leviev Boymelgreen, Shaya Boymelgreen, will be closing on a purchase of 14 Wall St. According to industry sources, he may convert the top portion of the building into luxury condominiums.

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During the 1970s and ’80s, many downtown employees spent time shopping on Nassau Street. Today, many of the properties are being converted into condominiums. In the first quarter of next year, the first residents will move into the 16-story building at 71 Nassau St., at the northwest corner of John Street. Originally built in 1905, it is known as the Croft Building. When completed, the building will have 52 units.

Earlier this year, Mr. Boymelgreen bought the 35-story, 568,000-squarefoot building at 20 Pine St., known also as 2 Chase Manhattan Plaza. He paid about $170 million to a partnership that included Jack Resnick & Sons and the Lawrence Ruben Company. Mr. Boymelgreen plans to convert the building into about 400 residential condominiums.

Construction is moving ahead at 50 Pine St., turning the building into condominium units. The 12-story building, which was built in 1902 and previously served as the headquarters of the Caledonian Insurance Company, is being converted into loft apartments selling for about $900 a square foot. Directly adjacent to this building is 56 Pine St., built in 1893, which was landmarked in 1996. In 2000, the property was converted into a hotel, called the Cambridge Club, with 78 units. The property was sold this year, and the new owners are converting the property into condominiums. Units are selling for close to $800 a square foot.

Kent Swig’s partner in the conversion of the Sheffield House on West 57th Street, Amsterdam Avenue, and West 94th Street is Yair Levy. Mr. Levy’s YL Development Corporation and Skyway Development Group are converting a pre-war office building at 29 John St., at the northwest corner of Nassau Street, into 52 condominium apartments. A few blocks away, a nine story building at 59 John St., also known as 111 William St., is being converted into 74 condos. Three office buildings were recently sold in Lower Manhattan, and they may be converted into residential condominiums. They include 123 William St. and 55 John St., sold by Glenwood Management for $120 million, and 156 William St., which was sold by C&K Properties in July for $41 million. Earlier this year, the Moinian Group sold the 190,000-square-foot office building at 90 William St. to Lou Greco for $35.5 million. Mr. Greco plans to convert the building into condominiums.

A seven-story office building at 119 Fulton St., between William and Nassau streets will add seven additional floors when renovations are completed by Daniell Real Estate Properties. Once completed, the building will be known as the Fultonhaus and have 19 condominium apartments.

Stone Street is an official landmark district in Lower Manhattan, which today houses restaurants and cafes. In 2004, the Kennelly Development Company paid $4.5 million for the seven story building originally known as Block Hall at 21-23 William St., which is being converted into 30 condominium apartments.

The Witkoff Group, in partnership with investors, owns a number of office buildings downtown. The company is converting the office building at 10 Hanover Square into rental apartments. The company is also planning to convert a portion of the landmarked Woolworth Building at 233 Broadway, and 55 Wall St., which was previously converted from the Regent Hotel into residential condominiums.

First-time buyers now have the opportunity to buy residential condominiums all over the city, especially in Lower Manhattan. “With prices beginning at $500,000, people are now having the opportunity to own a piece of Manhattan,” the principal of the Witkoff Group, Steven Witkoff, said. Development takes time. Finally, residential development has made home ownership possible in Lower Manhattan.

Mr. Stoler is a television broadcaster and vice president at First American Title Insurance Company of New York. He can be reached at mstoler@firstam.com.