House of the Day: 48 St. Felix Street
This four-story brownstone at 48 St. Felix Street has been chopped up into a three-family with an absolutely standard rental-type renovation. There doesn’t seem to be a shred of original detail left but it does look to be in move-in condition, or close to it. Yet the ask of $2,000,000 seems low for a whole townhouse…
This four-story brownstone at 48 St. Felix Street has been chopped up into a three-family with an absolutely standard rental-type renovation. There doesn’t seem to be a shred of original detail left but it does look to be in move-in condition, or close to it.
Yet the ask of $2,000,000 seems low for a whole townhouse in Fort Greene, so maybe there’s a catch. In 2006, the owner applied to convert the house from a two-family to a three-family but we’re not sure anything came of it since there is no certificate of occupancy on file at the building department. HPD says it has five “Class B” SRO units and one “Class A” unit. It’s currently configured as two floor-through units over an owner’s duplex, according to the floor plan.
The listing says “bring your contractor and architect to design the home of your dreams,” which could refer to the C of O situation or mean the house isn’t in as good condition as it looks in the photos. The exterior looks like it could use some work.
Do you think it’s a good deal?
48 St. Felix Street [Elliman] GMAP
I think as a licensed Real Estate Broker (professional) there should be laws as to how property is advertised, full disclosure as to what it is that they have listed for sale….not vague innuendo.
This property is not for the average buyer trying to buy a 2-3 family house to move into with conventional financing. And “bring your contractor / architect” does not go far enough to let people know that this is not a fixer upper!
Hi,
I hope someone can be a bit helpful. To take a house out of sro into a normal two-three family (conversion from class b apartments-to class a apartments) an owner has to obtain a certificate of non harrasment, which is quiet a pain.
Question, if owner wants to occupy it himself, does he still need cnh? Or is it like a rs unit that an owner can convert into his residency?
Please advise.
To try to answer Mordy’s question/s.
Yes, there are many owner occupied SRO’s being used as 2-3 family owner occupied buildings but it is not a good idea to stay that way. For the following reasons:
No Bank will mortgage the property as it is without the correct C of O or legal use for a conventional mortgage. ( 1-4 family)
If the tenants find out that the C of O is not right, you cannot evict them, and they do not need to pay rent until you have corrected the C of O which is impossible if they are living in it!.
To file for a certificate of non harassment is not a complicated issue, especially if it is vacant &/or has been totally owner occupied for the past 3-4 years. (some architects & lawyers make it seem complicated just so that they can bill you! it just takes a bit of time.)
But once you have the certificate of non harassment you do need to continue to file plans and get a new certificate of occupancy asap. The certificate of non harassment does expire.
With a new C of O your building will be worth far more, banks will mortgage it and you no long have to file boiler inspections every year or wonder if your tenants will find out…or if the insurance will pay out if you need to make a claim….and other assorted night mares.