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April 8, 2008
Roof Excess
Hi there,
I own a townhouse in Harlem, and my tenant want exclusive rights to the roof. He wants to build there a deck roughly 675 SF.
I do not know how much this exclusive right to the roof worth?
Is there any formula based on square footage to evaluate how much additional rent I need to charge.
Your thought are appreciated..
Comments
If he is paying for and building the deck himself, and he is going to do a good job, that sounds like he's improving the value of your property. Just make sure he knows what he is doing or hires someone whos is licensed and insured etc., If you don't already use the roof, I would just let him build the deck and not worry too much about raising his rent. He's already increasing your property value.
Posted by: Brooklynnative at April 8, 2008 11:39 AM
I would sell those rights at the same value per square foot that market rate for the area allows. So if things are hypothetically going for 1000 psf in your area, then sell the buildable sf for the same value to the owner. He/she may negotiate that there's setback requirements etc. and that the actual buildable sf is less than footprint sf of the building...so there's some flex there which makes for good ole' back-n-forth.
Posted by: Espresso at April 8, 2008 11:51 AM
Espresso, it's a renter not a buyer. Besides the going rate for roof rights is $100-250 psf, not 10 times that.
Brooklynnative, I disagree that the landlord should not increase the rent for the use of the space. I do agree that s/he should require that the build out be done by a professional and with proper permits.
OP, remember to check with your insurance company as to whether you are covered for any injuries to occupants or damages to the property that occur from this new usage. You may find your costs go up and that expense should be passed on to the tenant.
Posted by: guest at April 8, 2008 12:38 PM
I think there was a thread about something similar a few weeks ago, you might want to search for it.
I think some of the commenters in that thread were very concerned with insurance and liability, since it is your property.
I say, they can build it and pay for it themself if they have someone licensed and insured do the work (have this fully documented before they start) and they document complete liability for anything that happens either on the deck or to your building as a result of his construction.
Or, the easy way out, just say no, do it yourself, and charge a significant fee for it's use to the tenant.
Posted by: guest at April 8, 2008 4:32 PM
And whats it going to cost when your tenant puts a bar-b-q up there, doesnt put out all the embers and the house burns down?
Posted by: guest at April 8, 2008 4:58 PM
Why 4:58, that's easy... He moves out and rents a new place! lol
Posted by: denton at April 8, 2008 5:04 PM
Mr.Hancock is right and if someone falls dies or gets hurt you are on the hook.There is no get out of liability card here.
However I belive that you can not use more then 1/3 on the roof area for a deck.
The deck should sit on steel beams going from parapet wall to parapet wall and not on the roof because it will in time cause leaks. The deck should be in sections so that repairs and cleaning can be preformed. There must be a railing around the deck I think it must be 42 inches high.
How do you keep the kids off the roof you don't build something on the roof to attract them.
NYC fire code does not allow grills on the roof.
I think you should just say no. Sorry my insurance company will not cover it.
Posted by: guest at April 8, 2008 7:34 PM
Better than saying no, you advise renter he will have to hire engineer/arch to draw up plans. Then he will have to also pay for owner's arch/engineer to review plans. All at $200 per hour. He'll also have to sign an agreement to 'hold harmless' owner from drunk guests.
7:34, you can't have more than 20% wood/flammable deck.
That will most likely put an end to it. But if it doesn't, I'd proceed due to value added for owner.
Posted by: denton at April 8, 2008 7:54 PM
Oops, There I go again trying to make something out of nothing...
Posted by: Espresso at April 9, 2008 8:17 AM
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