Abstract: Of the 320,000 rental apartments converted to cooperative ownership over the past twenty years, approximately 77% were under a “non-eviction” plan. Under such plans, a tenant that was protected by the highly-restrictive rent stabilization laws at the time of conversion remains protected for as long as he chooses to remain in occupancy. The proper valuation of this property requires understanding of the complexities of New York City’s rent stabilization guidelines, as well as the nuances of the cooperative apartment market. This article explores the two methods of estimating the market value of these occupied blocks.