The conversion of the former Hit Factory building into residential condominiums is scheduled for occupancy early next year.

The 7-story building will have 27 apartments, including six penthouse duplex units with terraces.

The building, which was one of the world's most famous recording studios where such musicians as John Lennon, Stevie Wonder, Billy Joel, the Rolling Stones, Madonna, U2 and others recording many of their most famous and popular albums, is located at 421 West 54th Street between Ninth and Tenth Avenues.

The building has a 2,000-square-foot roof deck, a fitness center and keyed-entry elevators.

Arpad Baksa is the architect for the building, which is keeping its original signage. Joanna Frank's design of the lobby features a wall display of many of the gold and platinum records made in the building.

Apartments will have 11-foot-high ceilings, expansive windows, Bosch washers and dryers and Siedle color video intercom and security systems. Valcucine kitchens will have Sub-Zero and Viking stainless steel refrigerators, Miele cooktops, Bosch wall ovens and Sub-Zero wine refrigerators. Master baths will include frameless glass enclosed showers, Waterworks chrome fixtures, and Kohler "Tea for Two" cast-iron soaking tubs.

The Hit Factory was started in 1968 by Jerry Ragavoy and was purchased in 1975 by Eddie Germano, who moved it to this location in 1991.

The attractive, red-brick, mid-block building is being converted by Sagamore Capital LLC of Carefree, Arizona.

The building has a garage, private basement storage, and a roof deck.

One-bedroom apartments with a home office range in size from 1,021 to 1,210 square feet and in price from $1,025,000 to $1,325,000. Two bed-room apartments with two-baths range in size from 1,237 to 2,378 square feet and in price from 1,250,000 to $2,425,000.

A penthouse with three bedrooms apartments and three-and-a-half baths with 3,548 square feet of interior space and 1,322 square feet of outdoor space is priced at about $4,250,000 with estimated monthly common charges of $2,121 and estimated monthly real estate taxes of $3,779. A three-bedroom penthouse unit with two-and-a-half baths and 2,445 square feet of interior space and 680 square feet of outdoor space is priced at about $3,800,000 with estimated monthly common charges of $1,462 and estimated monthly real estate taxes of $2,604.