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November 1, 2007
how do you de-combine a combined apartment?
We're looking at a large apartment that was at one point two apartments. Does anyone know how a co-op would handle a sale if we wanted to buy it with a friend. I could buy it and then sell it (could swing mortgage for whole thing for a while), but we'd would prefer to buy it from owner as seperate apartments. (meanwhile, one doesn't have a kitchen and I think they're may be rules about this).
Any thoughts? I'm a little afraid to approach owner/broker until I'm a little up to speed -- since I'm sure they'd rather go with a less complicated buyer.
Comments
Do you know if the original combination was filed with DOB?
Are there 2 stock certificates and lease or only 1 of each?
Posted by: guest at November 1, 2007 4:57 PM
Most co-op's in Manhattan will probably not go for you and a friend buying it. Brooklyn one might depending on the building. First post is right on was it filed with the DOB and signed off on by the DOB?
You could buy it. Separate it and sell the other unit to your friend if they are qualified and pass the coop.
Do you want your friend to be that close to you in the apt right next to you?
Coop, the DOB, and the buildings current architect might have to all approve the separation back to two apartments.
Posted by: guest at November 1, 2007 5:13 PM
If you are talking about physically decombining the apartments, then unless this is some unusually lax coop, the coop board has absolute power to approve/disapprove the decombo plan. So even if the owner was fine selling to you, you have another huge hurdle to get over.
Here's some other free advice:
1. Anyone who tells you what this co-op board "would" do doesn't know what they're talking about. Every coop board is unique and unless you're actually getting a read on THIS particular board, blog advice is irrelevant.
2. I'd be shocked if any co-op seller, not just this one, would have any interest in moving ahead with you if you disclose this plan. If you want to take your chances later with the co-op, fine, but no need to tell the seller/broker. They will just demand a premium or turn down your offer.
3. If your "friend" is same sex, you have a better chance of getting approved by the co-op, if they're cautious, because you would have a good discrimination lawsuit if they turned you down. This has nothing to do with the decombo plan, only approval to purchase itself.
4. Suggest you and your friend avoid this whole mess and go be neighbors by buying in new construction condos rather than gamble on this coop actually signing off.
Posted by: Emigre at November 1, 2007 6:36 PM
excellent advise, Emigre.
Posted by: guest at November 1, 2007 6:52 PM
thanks for the advice!
Should add my friend really is a friend and not a "friend". The reason we're interested in this particular place is that it's now quite a large place with a layout that makes very little sense and it's been languishing on the market with two price reductions thus far, so they may have some motivation. I have no problem living this close to this person (and vice versa) altho it wasn't out plan from the beginning. We're just both in the market at the same time. This is a scenario -- should it works -- is the first place we've found that makes some sense financially. New condos are EXPENSIVE and I'm not sure they're a great investment at the moment.
Posted by: guest at November 1, 2007 6:53 PM
imho, unless the co-op board is very lax, they'll never go for this idea. so, even if you take the advice of the person who suggested you keep this under your hat until after you buy the place, be warned that it might not work out. (especially if the certificate of occupancy reflects only one unit.) and, at a minimum, the co-op would certainly charge any costs associated with the division to you.
Posted by: guest at November 2, 2007 6:13 PM
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