Need Help – Converting a 6 family into a 5 family

Hey all. We just bought a 6 family rowhouse in Bushwick as a living/investment solution. It’s been hellish so far, but we have an interesting opportunity now. One of the tenants has moved out, and we have the ability to merge two apartments into one larger one, which would give us much more room. However, I’ve been told that a 6-to-5 conversion is very difficult because it eliminates rent stabilization (which only applies to 6 family or above). Can someone give me more info about a 6-to-5 family conversion, or at least point me in the right direction? Much thanks.

By BrooklynNewbie |