C/O and Legal Carriage House?


We are about to go into contract on a brownstone in need of a major, if not gut, reno. There is no C of O but it is listed on DOB as a 2-family and we intend to keep it that way. There is a carriage house in the rear that is (partly) original and easily convertible to a garage and even an office above. Can we assume that DOB will allow us to keep the structure and rehab it as a garage/office? If it is “original” should be grandfathered, no? Will we need apply for a C of O to accommodate the old/new structure?? Thanks in advance!

Categories: C of O
By mcteague | 12/08/2009 9:43 AM | Comment

Risks Buying New Condos


Wondering if people can elucidate their thoughts/experiences with purchasing new construction condos. We are considering a purchase that we are very excited about and can afford. Our lawyer is warning us though that there are many pitfalls associated with the purchase: the building can begin closings with as little as 15% in contract (currently there are 30% with accepted offer or contract), and if we were to close and the remaining units not sell, we risk low owner occupancy in the building if it goes rental, and low appraisals if they reduce the prices. In both instances, resale and/or refinance due to low owner occupancy or low appraisal could be problematic when it comes to financing the unit in the future. Not sure how to evaluate this risk….we are excited to be in a position to buy something we love, but do not want to be rash and get “caught” in a tough position in 5 years.

Any suggestions for evaluating this risk? Experiences good or bad?

Thanks in advance!

Categories: Appraisals
By mcteague | 08/06/2009 9:45 AM | Comment

Topsoil


Great top soil already in three large bins ready to be picked up in our front yard. Free–just come by and plop bins in your car.

Email hhmt@live.com for address.

Categories: Garden
By mcteague | 06/06/2009 7:29 PM | Comment

Tenant Wants to Install Own W/D


My long-time tenant has asked me to consider allowing her to buy an electric washer/dryer combo unit, ventless, that she could run off her kitchen sink. Since there is no upside to this situation as a landlord and only peril in my daymares imagining water damage aplenty, my first instinct is a polite “no”. Unreasonable? If I did decide to accomodate, any suggestions how much I should tack on to the rent to compensate for the certainty of higher electric and water bills? Here’s the unit she wants: http://www.pcrichard.com/catalog/product_popup.jsp?productId=31971&PIPELINE_SESSION_ID=48b259afc0a8777a01784f37d9e87643

Suggestions? Thanks!

Categories: Landlord
By mcteague | 10/29/2008 8:11 PM | Comment

C of O Change Necessary for Condo Conversion


If a building has a C of O as a legal 3-Family and the property will be converted into 4 condo units, does the C of O need to be changed to a 4-family as well? Or does the conversion process deal with occupancy in a different way? Thanks in advance.

Categories: C of O
By mcteague | 07/09/2008 6:40 PM | Comment