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I have a buddy who lives at 45 Wall and they let him do it.
I live in a 1br convert. You just have to find a place that is designed so you dont have to walk through the living room to get to the other bedroom. All I had to do was buy and install some doors. Most buildings let you convert 1br. Unless you can find a great studio I think converting is much better.
If you haven't signed the papers yet make sure that you negotiate the remodeling before closing the transaction...you are in a much better position before you sign.
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