Other tenants of Queen Emma Gardens in downtown Honolulu were skeptical.

But all were still reeling last night from word early yesterday the property is being bought by real estate developer Peter Savio, who plans to convert the 587-unit apartment complex into condominiums.

"This just leaves a real sour taste in my mouth," said Barbara Hendrie, one of about 300 who attended an informational meeting last night hosted by Savio and Hawaiian Trust Co., which represents the Robert E. Black Memorial Trust. "I need more answers."

Hendrie, who has rented a two-bedroom apartment in the high-rise complex for the past 22 years, claimed the 33-year-old buildings are deteriorating and need repairs.

"You're buying a fixer-upper," she said. "I just feel that these people here don't have a firm grip on what we're talking about."

"The building's 30 years old," said Savio. "The plumbing can be fixed. It's not a major obstacle. It's a money item."

Savio said he's planning a below-market condominium conversion, selling the units as-is to keep the apartments rented and reduce the cost. He said improvements will be done on an individual basis for an added cost.

The studio, one- and two-bedroom units will sell for between $115,000 and $199,500 and are fee-simple, Savio said. Units currently rent for $671 to $1,200 a month.

Savio pledged to honor a promise made in writing in 1983 by developer Robert Black to raise rents no more than is needed to cover operating expenses.

He said "tenured tenants" who received the letter 13 years ago and don't want to buy will be accommodated.

"We've always been able to satisfy long-term tenants and those with special needs," he said, referring to other conversions Savio Development Co. has done. " ... We'll recognize the letter. We're going to put it into a formula that's easy for the investor to follow."

Savio, who has been trying to buy the complex for 10 years, said existing tenants will have first right of refusal on their units and investors will be sought to accommodate those who opt not to buy. He expects the complex to be 50 percent to 60 percent owner-occupied after the conversion. Tenants need to decide whether they want to purchase a unit by year's end, Savio said.

He told residents that his company will make flexible financing programs available to those who need help making a purchase. He also said the company will kick in $600,000 to the condominium's maintenance fund, which will be added to the final cost.

"We will use all the programs I've developed to help people," Savio said. "We'll try to arrange 100 percent financing and developer second mortgages to help them. ... If they cannot afford to buy one, we will keep them as a tenant and try to find an investor."

Still, some in the crowd were disgruntled, worried they might be converted out of a place to live.Others, like Norman Katakado are taking a wait-and-see approach.

"I'm not sure yet," he said after Savio's presentation.

"I'm still waiting for answers, waiting to see what the market value is."

Helen Philippi said she's leaning toward buying her two-bedroom unit but needs to discuss it with her family first.

"I think it's very interesting," she said.

"But I'm still puzzled. We have to make some decisions."

Daughter Joan Navales said she felt sorry for any renters who may not be able to buy their units but thought anger toward Savio was misdirected.

"It's the trust company that made the decision to sell it," she said.

George Weir, executive vice president of Hawaiian Trust Co., said yesterday the trust has a responsibility to Black to maximize the benefits for his foundation's beneficiaries, which include the Hawaii Community Foundation.

Queen Emma renters protested rent hikes in early 1992, saying they had been guaranteed they would never be hit with big increases.

In 1994, tenants failed to persuade the city to take over the complex or to obtain state funding so they could buy.