I bought a similar property in windsor terrance in 2003. Three story attached in the the front with three apartments, and a two story rear house on the same lot. There was a C of O for the front but nothing for the rear. Most rear houses in NYC predate C of O statutes. I had similar problem with the lender appraising the total rent roll without C of O. We insisted that the seller obtain a "letter of no objection" for the rear house from DOB which would serve as a C of O. It took them six months to get it, but we would not close without it. Properties with a rear house often represent good value on a square foot basis and can be improved to create an excellent rent roll and cap rate.

Posted by: Derekinwindsorterrace at July 11, 2009 5:41 PM in response to C of O for Rear House?

It is interesting that the owner is willing to offer financing. Why not take him up on it? That eliminates the problem with financing, doesn't it?

Posted by: Jumbo at July 12, 2009 8:50 AM in response to C of O for Rear House?

Yes, I intend to take him up on it - the question comes into play when I sell it - since I will likely not want to offer owner financing to whoever buys it.

This is all theoretical - and 5+ years down the line - but I need to consider it.

Posted by: paddingtonbear at July 12, 2009 3:38 PM in response to C of O for Rear House?

Someone on my block just bought such a building. Plus this person is an architect. I wish I had more information. I only know about it because we share the same broker. It is a long shot but you might try calling Boerum Hill Realty and ask for Al Barcelon. He may or may not be able to help you as he is a realtor himself but I know he worked on a similar sale.

Posted by: boroughbred at July 12, 2009 9:54 PM in response to C of O for Rear House?