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October 24, 2007
Another conversion question....
I haven’t been able to find the answer to these questions in the archives here or in often referred to NYT article. I currently rent an apartment in a 4-floor building—-top three floors are 3 rental apartments and the landlord has a business in the bottom floor. She is interested in selling the building and I’m trying to think through the issues involved with going to condos instead of her selling the building outright. Under some scenarios, it could be a win-win situation. My questions are as follows: 1) I know fees for RE lawyers and architects are non-trivial, but in this case who absorbs these costs? The seller I assume--which would presumable be passed through in the sale price. 2) Anyone care to wager on the actual costs here? I haven’t been able to get any estimates. 3) What are the options for dealing with the ground floor space that is currently used as a business? Do we sell that unit as well? Do the other 3 owners collectively own it? (Huge headache, I know). 4) Other issues I’m completely ignoring? Thanks.
Comments
It's not impossible, but it is very difficult. One of the keys to making this idea work is the willingness of the other current tenants to buy in. This would simplify the process of having a condo plan accepted by the Attorney General's office.
If you and your landlord are serious about trying to make this work, I suggest you proceed in this order: 1) call a general building meeting with tenants and landlord to see if everyone will/can purchase their unit; 2) if that answer's yes, then scrape together some money and go for a consultation with a real estate attorney.
Many years ago I lived in a building that managed to do this, although we didn't work with the landlord. The tenants bought the building outright and co-oped it.
Good luck.
Posted by: guest at October 26, 2007 10:17 AM
If you had the cash you would not be asking.
Find yourself a sugar daddy. Buy the building. Fulfill your dream.
Posted by: guest at October 26, 2007 4:29 PM
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