Forum Archive: Conversion

Has anyone converted a 3 family into condos? I’m curious what the costs are. This is a new construction in Brooklyn, with a 25 year 421-a tax abatement about to be approved. There are rental tenants already, and I’m aware they would have to vacate voluntarily. Aside from the tenant issue, has anyone had experience or are there any architects/lawyers out there who have filed and completed such a process? Thanks!

Hi,

Mortgage went through and I am going to close in about a month. I really wanted to get a head start with my plans and outline what needs to be done once I close.

Currently, the house is set up as a LNO 2 family. However, many of the same style/size houses are set up as 3 families, 2 families with home office on the same street.

Here are some things I am thinking about:

1. Convert LNO 2 Fam to 3 Fam? Has anyone on the forum done this before? What are some things that need to be done to meet 3 fam regulations. Sprinklers?

2. Right now the house is set up with a garden level (half size windows) and one family each on floor 1 and floor 2. An option would be convert the garden level to a one family and then join the 1st and 2nd floor for another unit. Does this need to be filed even though it’s a 2 family to a 2 family?

3. Convert LNO 2 Family to 2 Family with store front. I only see the store front spaces being occupied as doctor’s office on the block. Would I need to use it as a doctor’s office in this manner? Can I use it as an accountant office? real estate office? tea store?

Please help me figure out things before I close. Any advice or recommendations will be much appreciated.

Hello All,

I recently purchased a Brownstone that is Rent Stabilized. Fortunately, all of the units in the building were vacant and thus I have no difficult tenancy issues with the building as I know what a nightmare that situation can be. I have also obtained a Certificate of Non-Harassment and am thus preparing to consult a Contractor and Architect about converting the building from its current eleven units down to a three or four family building. However, as the building is vacant I would like to permanently remove it from Rent Stabilization as there is no real need to retain it since there are not tenants currently living there. Someone in the neighborhood told me about the Substantial Rehabilitation Exemption option for buildings, and I have located DHCR Operational Bulletin 95-2, but I’m looking for any advice, pointers, or experiences that anyone in this community may have had with this situation. Have any of you ever applied for, been approved or denied for, or done or heard about anyone who has done a Substantial Rehabilitation of their building in order to obtain this exemption from Rent Stabilization?

Hi,

Thanks for all your help with my CoO question a few days back. This question is somewhat related to that.

Again, I am in the process of purchasing a property that I will both LIVE in and use as an INVESTMENT to rent out. I am financing my current home in this same manner – 3 family. Live in one family and rent out two units.

This new property that I am close to purchasing has no original Cof0. In July 2010, a Letter of No Objection stated it as a 2 family birch was issued by the DOB.

The property consists of two floors with a garden level. The whole street features all the same style houses. I’ve looked at the CofO for adjacent homes and many have been converted to 1-family homes, 3-family homes or 2-family homes with an office. As a matter of fact, the house to my left has a CofO for a 3-family and the house to my right has a CofO of a 2-family with doctor’s office.

Right now, according the the DOB, there’s a LNO for a 2-family for the property I am interested in. How hard, how long and how expensive will it be for me to convert this LNO B2 property to a legal 3-family or a legal 2-family with a doctor’s office. This is in the Bay Ridge area by the way, where doctor’s office come a dime a dozen.

A conversion makes sense to me because we will be doing major renovations. Any insight offered will be most helpful

Due to the personal financial situation of one owner, co-owners of a townhouse containing two duplexes want to change ownership from tenants in common into 2 condo units. What are the effects of this conversion on the recurring real estate taxes? There will be no structural work to divide the building the building is already divided into a two family building. Looking through the tax codes the building will stay in class 1.
If the assessed value changes (or even if it remains the same for the ½ owner), does the transitional assessed value get bumped upon the conversion process to an assessed value? Do the units get (de-grandfathered) and does the tax law statement “For example, on residential properties with ten or fewer units, assessments may not increase more than 6 percent over one year and 20 percent over five years” no longer apply.
Does anyone know if there are examples of townhouses which were converted to 3 family (or less) condos which I can look up on property shark to see the changes in taxes? Does anyone have a suggestion of condo/ real estate lawyer to contact?

Hi, I live in Queens and found a discussion about oil-to gas conversion on this websit. Info was very helpful but I wondered if someone could help me. I 3 quotes so far & my head is spinning. I quote didn’t even mention permits and wanted 6700. Sears wanted 11K, no removal of oil tank. another co. quoted $9400, oil tank, removal, permits & weil mclain tank with hot water coil. I live in a single family with oil/steam heat. Original owners never changed the oil burner. Its a Peerless. I know its not energy effecient. I have 8 radiators in my home. Any suggestions about boilers, indirect heating, and System 2000? Any info will be greatly appreciated.
Thanks

My family owns a 4 story (plus basement) house in brooklyn. We are considering changing it from a 3-family to a 4-family. What are the cons of doing this? What changes will we be required to make to meet building codes? what kinds of things might our house need in order to make this transition? It is very difficult to find clear information on this anywhere. Thank you!

When I put my apartment up for sale six months ago I was inclined to renovate it first. It is a beautiful space near the beach in Brooklyn but it was shabby looking with old floors and broken tiles in the bathroom and a very old kitchen that needed replacement. Everyone said not to renovate because the new owners would want to do it themselves a different way. The brokers and my friends all agreed so I did not renovate. However I am finding that when a possible buyer shows an interest he invariably mentions the condition and wants a discount of as much as %25 off of the list price. I am now thinking to go ahead and renovate. At least to change the floors. I hope I am not throwing money away but it seems more economical then lowering my price so dramatically to sell the apartment.

My son is a professional musician/composer who is looking to buy a Brooklyn house with a space such as a basement or garage suitable for conversion to a sound-proof home recording studio. In addition to using it to record his own music, he would like to occasionally record other musicians—for a fee, of course.

He’s now found a detached house with a double garage in the back that he thinks could be converted. Two questions: First, is it legal to run this kind of small-scale business out of your home? He is hoping it qualifies as a “home occupation” under NYC zoning laws. (Zoning of the house is R-5—not commercial).

Second: Will he need an architect and plans to get a permit to convert the garage? He and his carpenter girlfriend will be doing most of the work except for electrical wiring and the outside of the garage will not change except for maybe a couple of vents on the roof.

Thanks for your help, everyone.