wow ! 5% cap on a market rate lease with a local high end grocer....

Posted by: chas at August 4, 2009 10:26 AM in response to Lease Signed, 288 Court Back on the Market

Developer can't close without TCO (temporary certificate of occupancy) which is what bank also needs to close on mortgage.
CO can be delivered later.

Posted by: chas at July 20, 2009 2:55 PM in response to Buying With No C of O?

Good code analysis re decks and rear yards. I would like to add that I have heard (but not confirmed) that sqft over 8Ft projection counts against FAR. Is this so Jimhill?
As to canisters on rear decks, connect grill to gas line and get converter kit for grill.

Posted by: chas at May 19, 2009 10:00 PM in response to Deck Question - 30' Restriction

Size, sponsorship and LTV are the main factors driving deals.
- smaller deals by local banks are getting done as they are not all in trouble
- track record, net worth count (a lot)
- 50% Loan to cost better if cash-flowing but you are talking about an "added value" repositioning where you may get 50% at acquisition (empty shell) and 50% of improvements.

That being said, banks do not like development deals now because they have many better options such as low LTV loans on cash-flowing properties.

By the way, development deals may be looking more attractive, but the margins need to be much larger to adjust to the cost of capital.

Posted by: chas at May 19, 2009 9:29 PM in response to Financing a Shell Renovation

Do you have fresh air to the boiler room? If boiler room is sealed you are getting improper ventilation for proper combustion and exhaust.
You do not need to reline flue.

Posted by: chas at September 11, 2008 11:53 AM in response to A Tale of Two Chimney Assessments

On the contrary, its quite prudent. You can plan and caculate your total "development" cost before you own the property and save on carrying the property. Developers do this all the time.

Posted by: chas at September 10, 2008 10:34 AM in response to Anyone filed before closing using seller to sign off on filings?

Yes you can use one, but recirculating vents are just noise makers providing very little benefit. An exhaust vent or window nearby (typically required by code in kitchens of mutifamily buildings) will be more effective.

Posted by: chas at August 28, 2008 10:46 AM in response to range Hood?

42nd st Public Library in the map area

Posted by: chas at August 19, 2008 11:32 AM in response to Sanborn Maps

I bet a new beam (or reinforcing existing beam) is cheaper and better in the long run. If there was no column there, solve the problem that the temporary jack is trying to address.
Have an engineer look at it and avoid a jerry rigged solution. Good luck.

Posted by: chas at August 18, 2008 5:07 PM in response to Jack Post Column replacement

Regarding taxes, accrued interest would be income and appreciation would be capital gains. That is why investor may want nominal interest rate especially if they are bullish on appreciation.

Posted by: chas at July 29, 2008 11:59 AM in response to How to pay back family investor for downpayment contribution in 20 years?

I agree, forget "gift" concept as he/she will be looking for a return of 1/2 deposit plus a "to be determined return". Sounds like an investment.
It can be structured like a loan with an accrued interest (a preferred return which can be low) and a share of profits at a capital event (refi, sale,tranfer etc) and or set a period (say 20yrs) when it is due and an appraisal can be used to determine balance due.
As simple as this is (joint venture agreement) there are many moving parts and it should be handled by a professional.

Posted by: chas at July 29, 2008 11:53 AM in response to How to pay back family investor for downpayment contribution in 20 years?

It would work for a short time. Warm air would return to cellar and soon enough warm cellar. Its not a big enough heat sink.

Posted by: chas at July 18, 2008 3:20 PM in response to Cooling with air from basement

If you are pre-paying 1 full point (1% of loan amount)to lower your rate, you should be getting a bigger reduction in interest rate than .1% that you are showing (perhaps closer to .25% - .35%). For the rest, math seems right.

Posted by: chas at July 16, 2008 10:06 AM in response to Points (what am I missing)

Perhaps you should consider separate systems. Keep the current one (modified) for yourself and get a new system for the tenant. That way they manage and pay their own heat.

Your options for the new system depend on the unit layout.

Posted by: chas at July 14, 2008 4:22 PM in response to Questions on electric baseboard heating

There is no way that electric heat will save you money. If gas goes up so does electricity.
Hydronic heat is the most efficient. You should look into balancing your system or splitting it.

Posted by: chas at July 14, 2008 12:24 PM in response to Questions on electric baseboard heating

oops that 917 880 6464

Posted by: chas at March 27, 2008 1:42 PM in response to Anybody selling an exterior door?

I have a pair of brownstone entry doors
They are archtop and in good shape.
Can't figure how to post image
Give me email or call 917 880 6840 and I will send you image
or tell me how to attach image in post

Posted by: chas at March 27, 2008 1:34 PM in response to Anybody selling an exterior door?

You can do it. Its like any other floor.
You need to get your arms around the issues.
First shed some light down there. Literally.
Get a pad and start making a list.
Contractors need a defined scope.

Posted by: chas at March 13, 2008 2:07 PM in response to Basement Breakdown

Do you currently own it? Is it vacant? Do you have certificate of non harassment? It can be done as rehab loan if legal aspects are addressed and it pencils economically.

Posted by: chas at March 12, 2008 9:41 AM in response to bank to finance SRO to 1 family conversion?

It depends on door, frame type and hardware.
If its a standard size and frame, you can get a knock down frame off the shelf (hardware too)
4-6 weeks is most likey for a welded frame, special size etc.
I bought from statewide and it was fine. I didn't like hardware option for mortise lock.In hindsight I should have paid for higher spec.

Posted by: chas at March 11, 2008 3:18 PM in response to Universal Fire Proof Doors vs. Statewide Door

http://a836-acris.nyc.gov/scripts/docsearch.dll/index

ACRIS in NYC Dept of Finance web site
search by lot and block

Posted by: chas at January 30, 2008 1:05 PM in response to How do you find out if property has liens?

ALL HVAC (add on this page) are good and reliable
Typ solution in normal size bstone is a package (5 tons) unit on the roof with a trunk coming down the center of the house and branching out.
They did my house and many of my friends'.

Posted by: chas at January 24, 2008 3:54 PM in response to Installing an A/C system in old brownstone

$250/FAR ft? thats nuts
Maybe $160-170/FAR ft
If its 80k sqft= $12.8-$13.6

irregular site less $

Posted by: chas at January 10, 2008 12:01 PM in response to Atlantic Avenue Development Site Going, Going…

Alternating tread stairs are a bit of a gimmick. It still is a very awkward rise.
Ship's ladder will do the same.

Posted by: chas at January 4, 2008 11:15 AM in response to Lapeyre stairs for a roof hatch?

Stain will vary depending on wood so you need to test a sample area (re-sand area if you do not like it).
If the floor is damaged (rustic),patchy, has many knots, etc. a dark stain helps keep things more even. Cheap wood floor can also be disguised with really dark stain.
If you like dark floors and are concerned with it being too dark, consider light rugs. Remember its what the room looks like fully furnished that counts.

Posted by: chas at January 3, 2008 4:56 PM in response to What color floor stain did you use?

I have observed that water will eventually seep into seem and slightly lift edge.

Posted by: chas at December 14, 2007 4:19 PM in response to Cork Floors in Bathroom

4 mil vapor barrior over permeable fill (gravel typ.)

Posted by: chas at December 14, 2007 4:15 PM in response to basement

If the boiler room is separate sealed space, crudely venting basement with holes in hatch will not work.
Duct to exterior would not need to be too big. I think that free air rather than mech closure is easier and fail-proof.

Posted by: chas at December 13, 2007 11:02 AM in response to Getting oxygen into a boiler room

If the boiler room is separate sealed space, crudely venting basement with holes in hatch will not work.
Duct to exterior would not need to be too big. I think that free air rather than mech closure is easier and fail-proof.

Posted by: chas at December 13, 2007 9:52 AM in response to Getting oxygen into a boiler room

Is this an add???
WTF??? ask the broker.

Posted by: chas at December 10, 2007 2:21 PM in response to Brooklyn Heights Beauty

If you have ever experienced radiant you know its great. Its a lux product.
What would be your use for basement? what kind of floor finish?
I would be more concerned with air quality. I would consider air handler with fresh air intake. You could condition air (hot/cold)and control humidity. This is how below grade spaces are handled commercially to avoid basement staleness.

Posted by: chas at December 6, 2007 11:55 AM in response to Radiant Floor vs. Radiators

There is a commercial kitchen supplier just off the BQE in Williamsburg on the right side as you get off Metropolitan Ave exit. I think its American Circle. Its industrial in finish (get an orbital finish for counter) but the price is right.

Posted by: chas at November 30, 2007 3:53 PM in response to Stainless steel kitchen counter tops

oops. do not know why I thought it was garden.

Posted by: chas at November 27, 2007 5:05 PM in response to Architect for a 2 Bdrm Floorplan

Putting the bedrooms at either end (as 3:59 suggested)will cut off any light and air in the center for living and or kitchen which brings up code issues. You need an architect.
Since the apt will be on the garden level you can move plumbing around inexpensively in the basement. You should consider the classic: two bedrooms in rear(1 large, 1jr), living in front and bathroom and kitchen in the middle (where it is darkest).
Your biggest questions would be: basement access, entry, rear garden access.
As for flexibility, why would you have shares by choice? Just make a nice functional apt

Posted by: chas at November 27, 2007 12:49 PM in response to Architect for a 2 Bdrm Floorplan

I have seen famous people buy with a trust
That will hide identity (as will LLC) but not price

Posted by: chas at November 21, 2007 1:25 PM in response to I don't want friends and family knowing how much I paid for my condo

I have tung oil in my kitchen floor which is continuous with the rest of the parlor.
Its great because I have been able to touch up areas without re-sanding the whole floor. High traffic is more of an issue than water. I have been able to even out scratches from wear,stools, etc. with a refinisher/solvent.
I have used water-base and do not like it. Not as strong. Flooring companies swear by it because it dries faster ( i.e two coats in 1 day = better pay)
Poly will work, but if you are using the old boards you should consider long term patina.

As to belt sander, do your self a favor and rent a machine and an edger. You will save time and money. I tried using a belt sander in a small vestibule/ hallway and it took forever, used more paper and did not come out as even.
You reinstalled old boards, you will need to take off at least 1/16" to even things out.
Good advise on countersinking nails.

Posted by: chas at November 16, 2007 12:44 PM in response to An Open Question: Finishing a Wood Floor

Thanks you three for writing! It sounds like reviews are mixed as usual :) but we think/hope that it will be a good way to save us time and money as we are pretty confident the deal will close. Could either of the people who have done this suggest language to put in the contract to ensure we are covered to do this? I know that is something my lawyer should handle but we are working together to make sure we have the best language and I thought I'd ask here. Thanks in advance!

Posted by: amybnyc at September 10, 2008 11:27 PM in response to Anyone filed before closing using seller to sign off on filings?

another option is to file the day of closing and have your architect professionally certify the drawings which means you can get a permit within a day or two and not have to have the plans go through plan examination at teh DOB. Not all architects will be keen to do this as its seen as opening them to more liability but its actually not a big deal. However if it is a landmarked building that will not work as they will definitely need to review and that takes time. Anyway: thats what we did with ours and we started construction the monday after a thursday closing!

Posted by: 11216 at September 11, 2008 9:46 AM in response to Anyone filed before closing using seller to sign off on filings?

I think you could take a chance on company no. 2's advice, as long as you have a spill switch that shuts down the boiler if there should be a carbon monoxide back up. I'm sure National Grid will install one for a reasonable fee if it isn't already there. I had one installed on my furnace about 20 years ago by Brooklyn Union Gas, NG's predecessor. It might have saved my life when I REALLY needed a stainless steel chimney re-lining a few years ago.

Posted by: Bob Marvin at September 11, 2008 12:39 PM in response to A Tale of Two Chimney Assessments

It's very unlikely an architect would touch this as a self-cert. Self-certs shift the legal burden for following the plans correctly from owner to architect, so are generally used in instances where 1) it's the architect's own house, so he or she controls what will be built, 2) it's a filing for a limited simple scope such as the installation of a wall-through air conditioner, or 3) the management agency / building engineers are more stringent than the DoB (example -- tenant fit-out in a Class A office buildings are often self-cert).

It's possible to have the buyer sign the paperwork for a work application before the sale, I've seen this done before. One minor possible hiccup is that management agencies for coops don't like to do this, so if the house is part of a larger coop there is the possibility that the coop would not share the seller's interest in expediting the paperwork in this way.

But on the other hand, what's the big deal here? A permit might take a week, maybe two, so what's being held up? You probably need some drawings prepared for bids, depending on what you're doing, and usually the permit set is integrated in to the design set / bid set / construction set or whatever you're using to get the thing done.

I wouldn't sweat this if it's going to be a deal breaker for the seller.

Posted by: Smokychimp at September 11, 2008 4:27 PM in response to Anyone filed before closing using seller to sign off on filings?

What Chas said, additionally if you are getting incomplete combustion you are putting yourself at serious risk for carbon monoxide poisoning. I hope you have a detector. If the boiler is fairly recent why not contact the boiler company and see what the specs are for intake and venting and if your installation meets them. You also may want to contact a plumber who understands boilers (like some who post on this site) to advise you, rather than a chimney company.

Posted by: denton at September 11, 2008 4:29 PM in response to A Tale of Two Chimney Assessments

OP, I have no idea who you called but here's my two cents about chimney contractors:

There are generally three types of chimney companies in this world.

Type One: Doesn't know anything about chimneys except that they can be lined with a metal tube as big as fits in the slot and connect the tube to a boiler and when they're done someone will hand them a check for $3,000.
Tools: Ladder, long tube, tin snips

Type Two: Is more than willing and capable of doing same, but has the general good knowledge that a chimney has to be in pretty bad shape to actually create a problem and that in many cases, a thorough cleaning and inspection will buy you another 5-7 years before a liner becomes necessary.
Tools: Ladder, tin snips, full set of masonry equipment, ropes and pulleys, industrial cleaning equipment, lights, high heat furnace cement

Type Three: Same as Type Two, but understands the health, safety risks and warning signs of a chimney in a failing state, knows the properties of combustion gases and the dangers of carbon monoxide, understands how the size and height of a flue creates a desired 'stack effect' and draw, and puts pencil to paper to determine and install the proper materials to vent your particular fuel-burning appliances.
A Type Three chimney contractor will always take into account your need for intake, or make-up, air and include in his price something to make that right.
In other words, a *good* chimney guy not only knows what he's looking at, he's also educated to know what you really need and compare it to what you may already have.
Tools: Ladder, tin snips, full set of masonry equipment, ropes and pulleys, industrial cleaning equipment, high heat furnace cement, draft gauge, carbon monoxide monitoring equipment, mechanical venting tables including minimum and maximum flue lengths at specific pipe diameters, roof flashing equipment, finishing materials consistent with the construction of the building, appropriate terminal caps, NYC DOB Code book.

Type One guys are a dime a dozen.

There are very few Type Two and even fewer Type Three guys in our area.
And as you may have guessed, those are the ones with the big estimates.

Posted by: Master Plvmber at September 11, 2008 4:45 PM in response to A Tale of Two Chimney Assessments

When I had a similar dilemma, I had BUG (Keyspan/Nat'l Grid) come look at the set-up. They determined whether I needed more venting, greater intake, etc. I, too, had what I thought was an alarming amount of sand at the bottom of the flue - although I didn't have the carbonizing you mention. Ultimately, I didn't need a lot of work done but it was comforting to have the disinterested advice of the gas company people who know all the building codes for the City & can tell you if you're in compliance &/or need any substantial work done. If the N.G. people didn't say you needed "whatever", you probably don't.

Posted by: Arkady at September 11, 2008 5:25 PM in response to A Tale of Two Chimney Assessments

Thanks to everyone for their thoughts! Very helpful. Rest assured, carbon monoxide detectors are installed throughout the house and the boiler itself has one ("spill switch") right under the vent on the underside of the 45 degree duct from the boiler to the chimney flue.

As several of you speculated correctly, the boiler room certainly does have a ventilation problem and this could well be the cause of the corrosion. In fact we just had the door and drywall that separates it from the rest of the basement redone to address moisture problems, effectively sealing it off from the rest of the house! There is, however a metal double-door ceiling hatch in the boiler room that opens to the front yard. Would it be possible to install a vent in or next to these doors that would allow some fresh oxygenated air in while keeping moisture out? Any further thoughts or suggestions would be appreciated again!

Posted by: jack123 at September 12, 2008 11:55 AM in response to A Tale of Two Chimney Assessments

Chas,

That's a good question. I haven't run into any discussion of FAR pertaining to the depth of a deck, but I haven't been looking for it either. I'd have to check on that, and quite frankly, that's a bit too much time for me to put into an online discussion right now. We've been picking up a number of projects lately and I need to get to work on them.

If someone else has the answer to this question, I'd be happy to hear it.

Posted by: JimHill at May 20, 2009 9:53 AM in response to Deck Question - 30' Restriction

Sam, a lot of this is a function of the neighbors. Every single thing I wind up tying I have to delete because it comes out sounding mean...

...just suffice to say that I am thankful to be living on a block where my neighbors care about my renovation but aren't vindictive, and have been through it themselves, and don't exactly have $$ to burn.

Posted by: vanburenproud at May 21, 2009 7:30 AM in response to Deck Question - 30' Restriction