By May 1985, Harry Helmsley sold the buildings to Philip Pilevsky of Philips International and Francis J. Greenburger of Time Equities. The Hermitage was sold first, in 1983, subsequently changed hands several times, and has remained a rental building, but Pilevsky and Greenburger converted the other buildings into co-op apartments, as was happening across the city. In the co-op conversion the gardens were spun off to The Trust for Public Land, a national conservancy organization. Tudor City Greens, Inc. was formed in January 1987 for the purpose of assuming ownership of the parks, and granted an easement to the trust that prohibits construction and bans unacceptable behavior. Greenburger and Pilevsky dedicated a fund of $820,000 to benefit the parks. (No. 2 Tudor City Place was converted by others in 1984.)